SEC. 83-5-17. Revocation of license.

The authority of a domestic or foreign insurance company may be revoked if it shall violate or neglect to comply with any provision of law obligatory on it, and whenever in the opinion of the commissioner its condition is unsound, or its assets above its liabilities, exclusive of capital and inclusive of unearned premiums, are less than the amount of its original capital or required unimpaired funds.

SOURCES: Codes, 1906, Sec. 2612; Hemingway's 1917, Sec. 5075; 1930, Sec. 5136; 1942, Sec. 5638.

1997 Amendment

SECTION 3. Section 83-5-17, Mississippi Code of 1972, is amended as follows:

 83-5-17. The Commissioner of Insurance may, after notice and a hearing, revoke the authority of a domestic or foreign insurance company or impose an administrative fine, or both, if it * * * violates or neglects to comply with any provision of law obligatory on it, and whenever in the opinion of the commissioner its condition is unsound, or its assets above its liabilities, exclusive of capital and inclusive of unearned premiums, are less than the amount of its original capital or required unimpaired funds. Such administrative fine shall not exceed Five Thousand Dollars ($5,000.00) per violation and shall be deposited into the special fund in the State Treasury designated as the "Insurance Department Fund."

SOURCE: 1997 Laws, Chapter 410, Sec. 3, HB585, Effective July 1, 1997.