RSA 420-M:6 · Revocation of License and Insolvency

420-M:6 Revocation of License and Insolvency. –

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I.

The following intentional acts shall constitute grounds for denial, non-renewal, suspension, or revocation of an application or existing license, following notice and an opportunity for hearing:

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(a)

Failure to comply with the provisions of RSA 420-G;

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(b)

Failure to comply with the business plan filed and approved by the commissioner;

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(c)

Failure to maintain adequate financial controls;

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(d)

Failure to extend alliance health benefit plan coverage to eligible employees;

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(e)

Failure to comply with a lawful order of the commissioner;

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(f)

Engaging in an unfair or deceptive act or practice;

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(g)

Filing any necessary form, including the application form, with the commissioner that contains false or materially incorrect information or omissions; or

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(h)

Misappropriation, conversion, illegal withholding, or refusal to pay over upon proper demand any moneys that belong to a person or participating carrier and that have been entrusted to the alliance in its fiduciary capacity.

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II.

The commissioner shall require the removal and replacement of managerial or marketing staff or third party contractors if necessary to remedy compliance or performance problems.

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III.

In the event the alliance becomes insolvent, the commissioner shall place the alliance in receivership if necessary to protect the interests of alliance enrollees. Source. 2010, 346:1, eff. July 20, 2010.

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