6612

(a) The license of the Qualified Manager, intermediary broker, actuary and auditor to conduct a business in this Territory may be suspended or revoked by the SAM for:\n(1) insolvency or impairment of capital or surplus;\n(2) refusal or failure to submit an annual report, or any other report or statement required by law or by lawful order of the SAM;\n(3) failure to comply with its own charter, bylaws, or other organizational documents;\n(4) failure to submit to examination or any legal obligation relative to an examination;\n(5) refusal or failure to pay the cost of examination or fees;\n(6) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or\n(7) failure otherwise to comply with laws of this Territory.