The commissioner may at any time notify any person possessing a certificate of exemption
that the commissioner has grounds to believe that it is violating any of the applicable
provisions of this code or is not operating in strict conformity with the documents
filed with the commissioner as a basis of its application for the certificate of exemption. The notice shall fix the time and place for hearing at which the person notified
may appear and show cause why the commissioner should not revoke its certificate of
exemption. The time fixed shall not be less than 15 nor more than 60 days after date of the
At the time and place specified in the notice and order to show cause, the commissioner
shall hold a hearing at which the possessor of a certificate of exemption may present
evidence to show that it is not violating any applicable provision of this code, and
that it is operating in conformity with the documents which were filed as a basis
for the certificate of exemption. If after the hearing the commissioner finds the evidence shows that the operations
of the person are in violation of any of the applicable provisions of this code, or
are in violation of the documents upon which its application for certificate of exemption
was based, the commissioner shall revoke the certificate of exemption and the person
whose certificate of exemption is thus revoked shall cease the transaction of life
and disability insurance until it procures a new certificate of exemption or a certificate
of authority under other provisions of this code.
This article does not prevent the commissioner from acting and bringing proceedings
under Article 14 (commencing with Section 1010) of Chapter 1 of Part 2 of Division 1, if grounds exist for the institution of such
proceedings with respect to any person transacting life or disability insurance either
with or without a certificate of exemption.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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