1007b

(1) The Commissioner may, after a hearing, notice whereof shall be served on all surplus line brokers, withdraw the eligibility of an unauthorized insurer appearing on the list of surplus line eligible insurers upon determining that the insurer is insolvent, or that his financial situation is poor, or that he is no longer eligible under the conditions established in § 1007a of this title.(2) If the Commissioner shall determine, after a hearing, notice whereof shall be served on all licensed surplus line brokers, that an insurer who is eligible at the time as a surplus line insurer has deliberately violated any provision of this title or of any rule or legal regulation pursuant to this title, or a pertinent order of the Commissioner, or does not satisfy with reasonable promptness losses and just claims in Puerto Rico or elsewhere, he may withdraw the eligibility of the insurer to insure surplus line risks in Puerto Rico.(3) The Commissioner shall promptly serve notice of such withdrawal of eligibility by mail on each such surplus line broker to its latest address registered at the Commissioner’s Office. History —Ins. Code, added as § 10.172 on Aug. 30, 1961, No. 7, p.

uch withdrawal of eligibility by mail on each such surplus line broker to its latest address registered at the Commissioner’s Office. History —Ins. Code, added as § 10.172 on Aug. 30, 1961, No. 7, p. 341, § 3; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.