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29.0308 Suspension or revocation- Discretionary and special grounds.

Cite as [A.S.C.A. § 29.0308]

(a) The Commissioner may refuse to continue or may suspend or revoke an insurer’s certificate of authority if he finds after a hearing that the insurer:

(1) has management which is untrustworthy, or so lacking in insurance experience as to make the operation hazardous to the insurance buying public;

(2) has violated or failed to comply with any lawful order of the Commissioner, or any pro-vision of the insurance law other than those for which suspension or revocation is mandatory;

(3) is in unsound condition, or in such condition or using such methods and practices in the conduct of its business, as to render its further transaction of insurance hazardous or injurious to its policyholders or to the public;

(4) has failed, after written request by the Commissioner, to remove or discharge an officer or director who has been convicted in any jurisdiction of an offense which, if committed in American Samoa, constitutes a misdemeanor involving moral turpitude or a felony, or is punishable by death or imprisonment under the laws of the United States in any of which cases the record of his conviction shall be conclusive evidence;

(5) is affiliated with, and under the same general management, interlocking directorate or ownership as, another insurer that transacts direct insurance in American Samoa without having a certificate of authority therefor, except as permitted under the insurance law;

(6) refuses to be examined, or its directors, officers, employees or representatives refuse to submit to examination relative to its affairs, or to produce its accounts, records, and files for examination by the Commissioner when required, or refuses to perform any legal obligation relating to the examination;

(7) has failed to pay any final judgment rendered against it upon any policy, bond, recognizance, or undertaking issued or guaranteed by it, within 30 days after the judgment became final, or within 30 days after time for taking an appeal has expired or within 30 days after dismissal of an appeal before final determination, whichever date is the later.

(b) Without advance notice or a hearing thereon, the Commissioner may suspend immediately the certificate of authority of any insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings has been commenced in any state by the public insurance supervisory official of that state.

History: 1974, PL 13-58 § 1.