§431:19-109 Grounds and procedures for suspension and revocation of certificate of authority; fines. (a) The commissioner may suspend or revoke the certificate of authority of a captive insurance company to do business in this State or impose a fine of not less than $100 nor more than $10,000 per violation, or any combination of these actions, for any of the following reasons:
(b) If the commissioner takes action pursuant to subsection (a), the commissioner shall notify the captive insurance company in writing of the reason for that action. The captive insurance company may make written demand upon the commissioner within ten days of the date of receipt of the notice for a hearing before the commissioner to determine the reasonableness of the commissioner's action. The hearing shall be held within thirty days of receipt of the written demand and shall be held pursuant to chapter 91. [L 1987, c 347, pt of §2; am L 2003, c 209, §7; am L 2010, c 7, §2; am L 2012, c 253, §15]