420-M:6 Revocation of License and Insolvency. –
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:
(a) Failure to comply with the provisions of RSA 420-G;
(b) Failure to comply with the business plan filed and approved by the commissioner;
(c) Failure to maintain adequate financial controls;
(d) Failure to extend alliance health benefit plan coverage to eligible employees;
(e) Failure to comply with a lawful order of the commissioner;
(f) Engaging in an unfair or deceptive act or practice;
(g) Filing any necessary form, including the application form, with the commissioner that contains false or materially incorrect information or omissions; or
(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.
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.
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.