SEC. 83-21-11. License revoked on certain conditions.

If any insurance company shall remove or make application to remove into any United States court any action or proceedings commenced in any court of this state upon a claim or cause of action arising out of any business or transaction done in this state, it shall be the imperative duty of the commissioner, immediately upon receipt of the certificate hereinafter mentioned, to revoke any and every authority, license, or certificate granted to such foreign insurance company or any agent thereof to transact any business in this state. No such foreign insurance company or agent thereof shall thereafter transact any business in this state until again duly licensed; and in case of such revocation, no renewal license or certificate of authority to transact business in this state shall be granted to such foreign insurance company for three years after such revocation. Whenever such license shall be revoked, the commissioner shall give notice of such revocation by mail to every agent of such foreign insurance company who shall have obtained any certificate of authority to transact business for such foreign insurance company at the time of such revocation in this state. A certified copy of the application, petition, or order of removal furnished the commissioner shall be sufficient evidence of the removal of any cause.

SOURCES: Codes, 1906, Sec. 2667; Hemingway's 1917, Sec. 5133; 1930, Sec. 5169; 1942, Sec. 5679.

1997 Amendment

Repealed.

SOURCE: 1997 Laws, Chapter 410, Sec. 25, HB585, Effective July 1, 1997.