SEC. 83-49-11. Revocation, suspension or refusal to renew sponsor's or representative's license; grounds; procedure; alternative penalties; subsequent application; review.
The commissioner may revoke or suspend or refuse to renew the license of any sponsor or representative of such sponsor when and if after investigation the commissioner finds that:
(a) Any license issued to such sponsor or representative of such sponsor was obtained by fraud;
(b) There was any misrepresentation in the application for the license;
(c) The sponsor or representative of such sponsor has otherwise shown itself untrustworthy or incompetent to act as a sponsor or representative of such sponsor;
(d) Such sponsor or representative of such sponsor has violated any of the provisions of this chapter or of the rules and regulations of the commissioner;
(e) The sponsor or representative of such sponsor has misappropriated, converted, illegally withheld, or refused to pay over upon proper demand any moneys entrusted to the sponsor or representative of such sponsor in its fiduciary capacity belonging to an insurer or insured;
(f) The sponsor or representative of such sponsor is found to be in an unsound condition or in such condition as to render the future transaction of business in this state hazardous to the public; or
(g) The sponsor or representative of such sponsor is found guilty of fraudulent, deceptive, unfair or dishonest practices as defined in section 83-5-35 or 83-5-45, Mississippi Code of 1972, or has been convicted of a felony.
Before any license shall be refused, suspended, revoked or the renewal thereof refused hereunder, the commissioner shall give notice of his intention so to do, by certified mail, return receipt requested, to the applicant for or holder of such license and to any sponsor whom such representative represents or who desires that he be licensed, and shall set a date not less than twenty (20) days from the date of mailing such notice when the applicant or licensee and a duly authorized representative of the sponsor may appear to be heard and produce evidence. In the conduct of such hearing, the commissioner or any regular salaried employee specially designated by him for such purposes shall have power to administer oaths, to require the appearance of and examine any person under oath, and to require the production of books, records or papers relevant to the inquiry upon his own initiative or upon the request of the applicant or licensee. Upon the termination of such hearing, findings shall be reduced to writing and, upon approval by the commissioner, shall be filed in his office; and notice of the findings shall be sent by certified mail to the applicant or licensee and the sponsor concerned.
No licensee whose license has been revoked hereunder shall be entitled to file another application for a license as a sponsor or a representative of any sponsor within one (1) year from the effective date of such revocation. Such application, when filed, may be refused by the commissioner unless the applicant shows good cause why the revocation of his license shall not be deemed a bar to the issuance of a new license.
In lieu of revoking, suspending or refusing to renew the license for any of the causes enumerated in this section, after hearing as herein provided, the commissioner may place the sponsor on probation for a period of time not to exceed one (1) year, or may fine such sponsor not more than one thousand dollars ($1,000.00) for each offense, or both, when in his judgment he finds that the public interest would not be harmed by the continued operation of the sponsor. The amount of any such penalty shall be paid by such sponsor to the commissioner for the use of the state. At any hearing provided by this section, the commissioner shall have authority to administer oaths to witnesses. Anyone testifying falsely, after having been administered such oath, shall be subject to the penalty of perjury.
Any action of the commissioner taken pursuant to the provisions of this section shall be subject to review as may be provided in section 83-17-125.
SOURCES: Laws, 1983, ch. 474, Sec. 6, eff from and after July 1, 1983.