Except as provided in Sections 31A-37a-501 and 31A-37a-502, the commissioner may not revoke, suspend, amend, or modify a certificate of authority issued to a special purpose financial captive insurance company under this chapter or an order issued under Subsection 31A-37a-201(4) unless:

1. (1) the special purpose financial captive insurance company consents to the revocation, suspension, amendment, or modification; or

2. (2) the commissioner shows by clear and convincing evidence that the revocation, suspension, amendment, or modification is necessary to avoid irreparable harm to:

   1. (a) a special purpose financial captive insurance company; or
   2. (b) a ceding insurer.

Enacted by Chapter 302, 2008 General Session