LAC 37:XIII.1133. Revocation of Certificate of Authority

A. After notice and opportunity for a hearing, the commissioner may revoke a group's certificate of authority if: 1. the group is found to be insolvent; 2. the group fails to pay any premium tax, regulatory fee, or assessment, or special fund contribution imposed upon it; 3. the group fails to comply with any of the provisions of this regulation, or with any lawful order of the commissioner within the time prescribed; 4. the certificate of authority issued to the group was obtained by fraud; 5. there was a material misrepresentation in the application for the certificate of authority; or 6. the group or its administrator has misappropriated, converted, illegally withheld, or refused to pay over upon proper demand any monies held in a fiduciary capacity that belong to a member, an employee of a member, or another person.