The director or his designee may suspend the license of any rating organization or insurer which fails to comply with an order of the director or his designee within the time limited by the order or any extension thereof which the director or his designee may grant. The director or his designee may not suspend the license of any rating organization or insurer for failure to comply with an order until the time prescribed for an appeal therefrom has expired or, if an appeal has been taken, until the order has been affirmed. The director or his designee may determine when a suspension of license becomes effective and it remains in effect for the period fixed by him unless he modifies or rescinds the suspension or until the order upon which the suspension is based is modified, rescinded, or reversed.
HISTORY: Former 1976 Code Section 38-43-130 [1947 (45) 322; 1952 Code Section 37-662; 1962 Code Section 37-662] recodified as Section 38-73-110 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 783.