58-6-49. Order of suspension, revocation, or refusal to renew certificate--Replacement of policies.
Each suspension or revocation of, or refusal to renew, an insurer's certificate of authority shall be by the director's order given to the insurer as provided by §58-4-17. If the director finds that the public health, safety, and welfare of insureds is imperiled due to being covered under a policy of insurance by an insurer or carrier whose certificate of authority has been revoked, and all appeals of the revocation have been exhausted the director may also order that the insurer or carrier replace all policies with equivalent policies issued by an authorized insurer in this state or otherwise provide for the transfer of all such risk through an arrangement approved by the director.
Source: SL 1966, ch 111, ch 3, §20 (1); SL 2013, ch 246, §2.