31A-37a-501. Suspension and revocation.
(1) The commissioner shall notify a special purpose financial captive insurance company not less than 30 days before suspending or revoking the special purpose financial captive insurance company's certificate of authority pursuant to Section. 31A-37-505 In the notice required by Subsectionthe commissioner shall state the basis for the suspension or revocation. (1)(a) The commissioner shall give a special purpose financial captive insurance company described in this Subsectionan opportunity for a hearing pursuant to. (1) Title 63G, Chapter 4, Administrative Procedures Act
(2) Notwithstanding Subsectionand, the commissioner is not required to provide prior notice or a hearing if the grounds for suspension or revocation of a special purpose financial captive insurance company's certificate of authority pursuant to Sectionrelate primarily to: (1) Title 63G, Chapter 4, Administrative Procedures Act 31A-37-505 the financial condition or soundness of the special purpose financial captive insurance company; or a deficiency in the assets of the special purpose financial captive insurance company.