Section 31A-5-410 - Supervision of management changes(1)(a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:(i) the name of the person selected as a director or principal officer of a corporation; and(ii) pertinent biographical and other data that the commissioner requires by rule.(b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person: (ii) has the competence and experience necessary to discharge that person's responsibilities.(2)(a) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection (2)(b), the insurer shall immediately report to the commissioner:(ii) a statement of the reasons for the removal.(b) Subsection (2)(a) applies to a removal under: (i) Subsection 16-6a-820(4);(iii) Section 16-10a-832; and(iv) Subsection 31A-5-409(4).(3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that: (a) a director or officer: (iii) is not qualified under Section 31A-5-409; or(iv) has wilfully violated: (B) a rule adopted under Subsection 31A-2-201(3); or(C) an order issued under Subsection 31A-2-201(4); and(b) the circumstances described in Subsection (3)(a) endangers the interests of: Amended by Chapter 308, 2002 General Session.