(a) At the cessation of business of an SPFC following termination or cancellation of an SPFC contract and the redemption of any related securities issued in connection with them, the authority granted by the SAM expires or, in the case of retiring and surviving protected cells, be modified, and the SPFC is no longer authorized to conduct activities unless and until a new or modified license is issued pursuant to a new filing pursuant to the provisions of section 4 or as agreed by the SAM.
(b) The SAM may suspend or revoke the license of an SPFC for:
(1) insolvency;
(2) failure to meet the provisions of sections 6656, 6658 or 6670 of this subchapter;
(3) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public, the holders of the securities, or policyholders of the SPFC; or
(4) failure to otherwise comply in any material respect with applicable laws of this Territory.
(c) if the SAM finds, upon examination or other evidence, that an SPFC has committed any of the acts specified in subsection (b), the SAM may impose the penalties provided under this chapter, if the SAM considers it in the best interest of the public, the holders of the securities, and the policyholders of the SPFC.
(d) Unless the grounds for suspension or revocation relate only to the financial condition or soundness of the SPFC or to a deficiency in its assets, the SAM shall notify the SPFC not less than thirty days before revoking its authority to do business in this Territory and specify in the notice the particulars of the alleged violation of the law or its organizational documents or grounds for revocation and a proper opportunity must be offered the SPFC to be heard before the Superior Court, or an administrative law court if and when established.