§ 23-65-319. Withdrawal of approval

(a) The Insurance Commissioner may remove an approved surplus lines insurer if the commissioner has reason to believe that the insurer:

1. (1) Is in unsound financial condition;

2. (2) Is no longer eligible under § 23-65-310;

3. (3) Has willfully violated the laws of this state;

4. (4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; or

5. (5) Has failed to file its annual statement when due.

(b) The commissioner shall promptly mail notice of removals to each surplus lines broker that is currently licensed.