29.0309 Suspension, revocation, or refusal-Order-Effect on agent’s authority.

(a) All suspensions or revocations of, or refusals to continue, an insurer’s certificate of authority shall be by the Commissioner’s order.

(b) Upon suspending, revoking, or refusing to continue the insurer’s certificate of authority, the Commissioner forthwith shall give notice thereof to the insurer’s agents of record in the division, and likewise shall suspend or revoke the authority of the agents to represent the insurer. The Commissioner also shall give notice to the insurance supervisory authority in jurisdictions in which the insurer is authorized, if a domestic insurer, or in its domicile if a foreign or alien insurer.

(c) In his discretion, the Commissioner may publish notice of the suspension, revocation, or refusal in one or more newspapers of general circulation.

History: 1974, PL 13-58 § 1.