(1) The certificate of authority of a captive insurance company to do business in this state may be revoked or suspended by the commissioner for any violation of this article, including without limitation the following:
Insolvency or impairment;
Failure to meet the requirements of section 10-6-116;
Refusal or failure to submit an annual report, as required by section 10-6-114, or anyother report required by law or by lawful order of the commissioner;
Failure to comply with the provisions of its own charter, other organizational documents, bylaws, or approved plan of operation, if such failure renders its operation hazardous to the public or to its policyholders;
Failure to submit to examination;
Refusal or failure to pay the cost of examination, required premium taxes, or otherpenalty or fee assessed as authorized by law;
Use of methods which, although not otherwise specifically proscribed by law, renderits operation hazardous or its condition unsound;
Refusal or failure otherwise to comply with this article or any other laws of this state.
If the commissioner finds upon examination, hearing, or other evidence that any captive insurance company has committed any of the acts specified in subsection (1) of this section, the commissioner may, after notice and hearing in accordance with article 4 of title 24, C.R.S., suspend or revoke such certificate of authority. The commissioner may issue an order appointing a supervisor to monitor the operations of the company if the commissioner deems it in the best interest of the public or of the policyholders of the company. The commissioner may commence a delinquency action pursuant to part 4 of article 3 of this title or a liquidation or rehabilitation action pursuant to part 5 of article 3 of this title.
Any final decision of the commissioner on any matter pursuant to this section shallbe subject to judicial review by the court of appeals pursuant to section 24-4-106 (11), C.R.S.
Source: L. 72: p. 433, § 1. C.R.S. 1963: § 72-36-15. L. 89: (1)(d) amended, p. 465, § 9, effective April 15. L. 92: (2) amended, p. 1562, § 70, effective May 20. L. 94: Entire section amended, p. 546, § 9, effective April 6.