29.0304 Issuance or refusal.

Cite as [A.S.C.A. § 29.0304]

(a) The Commissioner shall issue to an insurer a certificate of authority if upon completion of the application for a certificate of authority by the insurer the Commissioner finds, from the application and any other investigation and information he may acquire, that the insurer is fully qualified and entitled thereto under the insurance law.

(b) The Commissioner shall take all necessary action and shall either issue or refuse to issue a certificate of authority within a reasonable time after the completion of the application for the certificate.

(c) The certificate of authority, if issued, shall specify the class or classes of insurance the insurer is authorized to transact. The Commissioner may issue authority limited to particular subclasses of insurance or types of insurance coverage within the scope of a class of insurance.

History: 1974, PL 13-58 § 1.