33-17-1001. Suspension, revocation, or refusal of license. (1) The commissioner may suspend, revoke, refuse to renew, or refuse to issue an insurance producer's license or may levy a civil penalty in accordance with 33-1-317, or choose any combination of actions, when an insurance producer or applicant for an insurance producer's license has:
     (a) engaged or is about to engage in an act or practice for which issuance of the license could have been refused;
     (b) obtained or attempted to obtain a license through misrepresentation or fraud;
     (c) violated or failed to comply with a provision of this code or has violated a rule, subpoena, or order of the commissioner or of the commissioner of any other state;
     (d) improperly withheld, misappropriated, or converted to the licensee's or applicant's own use money or property belonging to policyholders, insurers, beneficiaries, or others and received in conduct of business under the license;
     (e) been convicted of a felony;
     (f) in the conduct of the affairs under the license, used fraudulent, coercive, or dishonest practices or the licensee or applicant is incompetent, untrustworthy, financially irresponsible, or a source of injury and loss to the public;
     (g) made a materially untrue statement in the license application or in the continuing education affidavit;
     (h) misrepresented the terms of an actual or proposed insurance contract;
     (i) been found guilty of an unfair trade practice or fraud prohibited by Title 33, chapter 18;
     (j) had a similar license suspended or revoked in any other state;
     (k) forged another's name to an application for insurance;
     (l) cheated on an examination for a license; or
     (m) knowingly accepted insurance business from a person who is not licensed.
     (2) The license of a partnership or corporation may be suspended, revoked, refused, or denied if a reason listed in subsection (1) applies to an individual designated in the license to exercise its powers.
     (3) The commissioner may suspend, revoke, or refuse to continue a license under subsection (1)(e) without conducting an investigation pursuant to 37-1-203 or making a written finding pursuant to 37-1-204.

     History: En. Sec. 173, Ch. 286, L. 1959; R.C.M. 1947, 40-3329; amd. Sec. 6, Ch. 395, L. 1983; amd. Sec. 12, Ch. 409, L. 1987; amd. Sec. 28, Ch. 537, L. 1987; amd. Sec. 49, Ch. 713, L. 1989; amd. Sec. 2, Ch. 164, L. 1993; amd. Sec. 8, Ch. 622, L. 1993; amd. Sec. 45, Ch. 227, L. 2001.