Withdrawal of eligibility; grounds; notice

If at any time the Commissioner has reason to believe that any unauthorized insurer having been declared an eligible surplus lines insurer pursuant to Section 38a-740-4, is impaired financially or no longer meets the requirements for eligibility as set forth in Section 38a-740-6, he shall declare such insurer no longer an eligible surplus lines insurer. If the Commissioner determines, after a hearing thereon of which reasonable notice was given to all licensed surplus lines brokers that an insurer currently eligible as a surplus lines insurer has violated the laws of Connecticut, or has failed to make reasonably prompt settlement of just claims for losses and/or return premiums he may declare such insurer no longer an eligible surplus lines insurer. The Commissioner shall promptly mail notice of all such declarations to each surplus lines broker at his address last of record with the Commissioner.