1. (1) After notice and hearing, the commissioner may suspend or revoke the certificate of authority to transact insurance business in this state of any member insurer that fails to timely pay a fee or to comply with the plan of operation.

2. (2) As an alternative to suspension or revocation of a certificate of authority, as described in subsection (1) of this section, the commissioner may impose a fine on any member insurer that fails to timely pay a fee or to comply with the plan of operation. The fine must be the greater of:

   1. (a) The amount of the fee plus interest and the commissioner's cost of enforcement; or
   2. (b) Five thousand dollars.

Source: L. 2023: Entire part added, (HB 23-1288), ch. 170, p. 836, § 1, effective August 7.