A. After notice and opportunity for a hearing, the director may revoke a group's certificate of approval if it: (1) is found to be insolvent; (2) fails to pay any premium tax, regulatory fee or assessment or special fund contribution imposed upon it; or (3) fails to comply with any of the provisions of the Group Self-Insurance Act, with any rules or regulations promulgated thereunder or with any lawful order of the director within the time prescribed. B. The director may revoke a group's certificate of approval if, after notice and opportunity for hearing, he finds that: (1) any certificate of approval that was issued to the group was obtained by fraud; (2) there was a material misrepresentation in the application for the certificate of approval; or (3) the group or its administrator has misappropriated, converted, illegally withheld or refused to pay over, upon proper demand, any money that belongs to a member, an employee of a member or a person otherwise entitled to it and that has been entrusted to the group or its administrator in its fiduciary capacities. History: Laws 1986, ch. 22, § 97; 1990 (2nd S.S.), ch. 2, § 81. member or a person otherwise entitled to it and that has been entrusted to the group or its administrator in its fiduciary capacities. History: Laws 1986, ch. 22, § 97; 1990 (2nd S.S.), ch. 2, § 81. ANNOTATIONSThe 1990 (2nd S.S.) amendment, effective January 1, 1991, substituted 'director' for 'superintendent' throughout the section and 'has' for 'have' at its second occurrence in Subsection B(3).
New Mexico Legal Code