Section 33-3-18. Administrative supervision or suspension of certificate of authority for cause

   The Commissioner may, without advance notice or a hearing thereon, place an insurer under administrative supervision or suspend immediately the certificate of authority of any insurer:

   (1) As to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the public insurance supervisory official of such state;

   (2) Whose authority to do business in any state has been revoked, suspended, or restricted in any way by the public insurance supervisory official of such state; or

   (3) If upon examination or at any other time it appears in the Commissioner's discretion that:

      (A) The insurer's condition renders the continuance of its business hazardous to the public or to its insureds;

      (B) The insurer exceeded its powers granted under its certificate of authority and applicable law;

      (C) The insurer has failed to comply with the applicable provisions of this title;

      (D) The business of the insurer is being conducted fraudulently; or

      (E) The insurer gives its consent.

Code 1933, § 56-317.2, enacted by Ga. L. 1969, p. 585, § 1; Ga. L. 1991, p. 1424, § 1; Ga. L. 1992, p. 2877, § 6.