§485.  Additional authority; risk retention groups

The commissioner may refuse, suspend, or revoke the registration of a risk retention group whenever he shall find that such risk retention group meets any one of the following conditions:

(1)  Is insolvent.

(2)  Is in such condition that its further transaction of business in this state would be hazardous to the policyholders, creditors, or the public.

(3)  Fails to pay any fees, taxes, or charges prescribed by this Title within sixty days after the same are due and payable.

(4)  Has had its corporate existence dissolved or its certificate of authority revoked or suspended in the state in which it was organized.

(5)  Refuses to remove or discharge an officer or director who has been convicted of any felony involving dishonesty  or breach of trust, where the convicted person has not been granted a waiver under 18 USC 1033.  The provisions of this Paragraph shall not apply to a risk retention group that is not domiciled in this state.

Acts 1995, No. 935, §1; Acts 2004, No. 376, §1; Redesignated from R.S. 22:2074.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.