Sanctions against insurer for failure to comply with contracts, orders or rules
(1) The Director of the Department of Consumer and Business Services may suspend or revoke the authorization of an insurer to issue workers’ compensation insurance policies if the director, after notice to the company and giving the company an opportunity to be heard and present evidence, finds that:
(a) The company has failed to comply with its obligations under any such policy; or
(b) The company has failed to comply with the orders of the director or the provisions of this chapter or any rule promulgated pursuant thereto.
(2) A suspension or revocation shall not affect the liability of any such company on any workers’ compensation insurance policy in force prior to the suspension or revocation. [1975 c.556 §37; 1977 c.430 §2; 1987 c.373 §33; 2007 c.241 §15]
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