58-6-44. Refusal to renew or suspension or revocation of certificate, grounds. The director shall refuse to renew, or shall suspend or revoke, an insurer's certificate of authority:
(1) If such action is required by any provision of this title; or
(2) If a foreign insurer, it no longer meets the requirements for the authority, on account of deficiency of assets or otherwise; or if a domestic insurer, it has failed to cure an impairment of capital or surplus within the time allowed therefor by the director under this title; or
(3) If the insurer knowingly exceeds its charter powers or powers granted under its certificate of authority; or
(4) If the insurer's certificate of authority to transact insurance therein is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.Source: SL 1966, ch 111, ch 3, § 18 (1).
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