Section 58-6-44 - Refusal to renew or suspension or revocation of certificate, grounds The director shall refuse to renew, or shall suspend or revoke, an insurer's certificate of authority:
(1) If such action is required by any provision of this title; or(2) If a foreign insurer, it no longer meets the requirements for the authority, on account of deficiency of assets or otherwise; or if a domestic insurer, it has failed to cure an impairment of capital or surplus within the time allowed therefor by the director under this title; or(3) If the insurer knowingly exceeds its charter powers or powers granted under its certificate of authority; or(4) If the insurer's certificate of authority to transact insurance therein is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer. SL 1966, ch 111, ch 3, § 18 (1).