33-2-117. Continuance, expiration, reinstatement, and amendment of certificate of authority. (1) Certificates of authority issued or renewed under this code must continue in force as long as the insurer is entitled thereto under this code and until suspended or revoked or otherwise terminated. A certificate is subject to continuance by the insurer each year by payment on or prior to March 1 of the continuation fee provided in 33-2-708.
     (2) If not continued by the insurer, the certificate of authority expires at midnight on May 31 following failure of the insurer to continue it in force. The commissioner shall promptly notify the insurer of its failure to pay the continuation fee that can result in the expiration of its certificate of authority.
     (3) The commissioner may reinstate a certificate of authority that the insurer has inadvertently permitted to expire after the insurer cures any failures resulting in expiration and upon payment of the fee for reinstatement in addition to the current continuation fee, as provided in 33-2-708. Otherwise, the insurer may be granted another certificate of authority only after filing an application and meeting all other requirements for an original certificate of authority in this state.
     (4) The commissioner may amend a certificate of authority at any time to accord with changes in the insurer's charter of insuring powers.

     History: En. Sec. 58, Ch. 286, L. 1959; R.C.M. 1947, 40-2813; amd. Sec. 1, Ch. 139, L. 1987; amd. Sec. 7, Ch. 379, L. 1995.