SUSPENSION OR REVOCATION OF CERTIFICATE OF AUTHORITY

The commissioner, after notice and an opportunity for hearing, may revoke or suspend the certificate of authority of a captive insurance company for: (1) insolvency or impairment of required capital or surplus, or the equivalent, to policyholders; (2) failure to submit an annual report, as required by Section 964.060; (3) failure to comply with the provisions of its own charter, bylaws, rules, or other governing document; (4) failure to submit to examination, as required by Chapter 401; (5) failure to pay the cost of examination, as required by Chapter 401; (6) failure to pay any tax or fee required by this code; (7) removal of its principal office or books and records from this state without prior approval of the commissioner; (8) use of practices that render its operation detrimental to the public or its condition unsound; or (9) failure to otherwise comply with the laws of this state.