TITLE 41

INSURANCE

CHAPTER 36

INSURANCE GUARANTY ASSOCIATION

41-3610.  Duties and powers of director — Judicial review. (1) The director shall:

(a)  Notify the association of the existence of an insolvent insurer not later than three (3) days after he receives notice of the determination of the insolvency. The association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that such complaint is filed with a court of competent jurisdiction.

(b)  Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.

(2)  The director may:

(a)  Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the director may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall not exceed five per cent (5%) of the unpaid assessment per month, except that no fine shall be less than one hundred dollars ($100) per month.

(b)  Revoke the designation of any servicing facility if he finds claims are being handled unsatisfactorily.

(3)  Any final action or order of the director under this act shall be subject to judicial review in a court of competent jurisdiction.

History:

[41-3610, added 1970, ch. 152, sec. 10, p. 462; am. 1997, ch. 109, sec. 8, p. 262.]