31A-5-410. Supervision of management changes.
(1) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner: the name of the person selected as a director or principal officer of a corporation; and pertinent biographical and other data that the commissioner requires by rule. For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection, disapprove any person selected who fails to satisfy the commissioner that the person: (1)(a) is trustworthy; and has the competence and experience necessary to discharge that person's responsibilities.
(2) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection, the insurer shall immediately report to the commissioner: (2)(b) the removal; and a statement of the reasons for the removal. Subsectionapplies to a removal under: (2)(a) Subsection; 16-6a-820(4) Section; 16-10a-808 Section; and 16-10a-832 Subsection. 31A-5-409(4)
(3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that: a director or officer: is incompetent; untrustworthy; is not qualified under Section; or 31A-5-409 has wilfully violated: this title; a rule adopted under Subsection; or 31A-2-201(3) an order issued under Subsection; and 31A-2-201(4) the circumstances described in Subsectionendangers the interests of: (3)(a) insureds; or the public.