(a) It is a condition of every license issued under this chapter, breach of which renders the license subject to cancellation by the SAM, that:
(1) The Qualified Manager, intermediary, broker, actuary and auditor must be aware of the content of each license application and business plan submitted with the license application, shall monitor for material changes in information submitted with the license application and the changes in the officers of the licensees' business organization and shall immediately notify SAM of:
(A) any material change in the information supplied in or accompanying the application or in the documents submitted with the application of which the licensee is aware; or
(B) the removal from office or the resignation of any director, officer partner or member of the licensee, and the reason for the removal or resignation from office of which the licensee was aware.
(2) No shares or other interest, whether legal or equitable, in the licensee may be issued, transferred or otherwise disposed of and no appointment of a director, officer, partner or member may be made without the prior written consent of the SAM.
(3) The licensee may not without the prior written consent of the SAM:
(A) enter into any merger, amalgamation, consolidation or reorganization;
(B) transfer, other than in the ordinary course of business by way of reinsurance any of its contracts of insurance or the whole or any part of its property, assets or liabilities;
(C) charge or pledge the whole or any part of its assets;
(D) change its name from that set out in its license; or
(E) alter the terms of its articles of incorporation, articles of organization or other instrument of incorporation or formation.
(b) With every application for a license under this chapter, the applicant shall file with the SAM a business plan. The SAM may rely upon the business plan as a condition of issuing a license.
(c) The SAM may approve or deny the requested change to the business plan in its discretion.
(d) All licensed managers shall report to the SAM any and all actual and proposed changes to the business plan of a Securitization Entity.