The superintendent shall promptly revoke the license of an advisory organization if it ceases business or withdraws from this state, and the superintendent may suspend or revoke the license if the superintendent finds after a hearing that:

1. A. the organization no longer meets the qualifications for licensing; or
2. B. the organization has failed to file amended documents as required under Section 59A-17-19 NMSA 1978, or has violated or failed to comply with any other material requirement of the Insurance Rate Regulation Law or any other law.

History: Laws 1984, ch. 127, § 316; 2007, ch. 367, § 22.

ANNOTATIONS

The 2007 amendment, effective July 1, 2007, changed "rate service organizations" to "advisory organizations".

Am. Jur. 2d, A.L.R. and C.J.S. references. — 43 Am. Jur. 2d Insurance § 59.

44 C.J.S. Insurance §§ 96, 97.