(a) In this section, “insolvent” means:
(1) having generally ceased to pay debts in the ordinary course of business other than as a result of good-faith dispute;
(2) being unable to pay debts as they become due; or
(3) being insolvent within the meaning of the federal bankruptcy law, 11 U.S.C. Section 101 et seq.
(b) The Lieutenant Governor may suspend, revoke, or deny renewal of a provider's registration if:
(1) a fact or condition exists that, if it had existed when the registrant applied for registration as a provider, would have been a reason for denying registration;
(2) the provider has committed a material violation of this chapter or a rule or order of the Lieutenant Governor under this chapter;
(3) the provider is insolvent;
(4) the provider or an employee or affiliate of the provider has refused to permit the Lieutenant Governor to make an examination authorized by this chapter, failed to comply with section 432(b)(2) within 15 days after request, or made a material misrepresentation or omission in complying with section 432(b)(2); or
(5) the provider has not responded within a reasonable time and in an appropriate manner to communications from the Lieutenant Governor.
(c) If a provider does not comply with section 422(f) or if the Lieutenant Governor otherwise finds that the public health or safety or general welfare requires emergency action, the Lieutenant Governor may order a summary suspension of the provider's registration, effective on the date specified in the order.
(d) If the Lieutenant Governor suspends, revokes, or denies renewal of the registration of a provider, the Lieutenant Governor may seek a court order authorizing seizure of any or all of the money in a trust account required by section 422, books, records, accounts, and other property of the provider which are located in the Virgin Islands.
(e) If the Lieutenant Governor suspends or revokes a provider's registration, the provider may appeal and request a hearing pursuant to the procedures prescribed in section 410(b).