Section 7008. Suspension or revocation of license

(a)  The license of a
  captive insurance company to do a captive  insurance  business  in  this
  state  may  be suspended or revoked by the superintendent for any of the
  following reasons:
    (1) insolvency  or  impairment  of  required  capital  or  surplus  to
  policyholders;
    (2)  refusal  or  failure  to  submit an annual report, as required by
  section seven thousand six of this  article,  or  any  other  report  or
  statement required by law or by lawful order of the superintendent;
    (3)  failure  to  comply  with  the  provisions  of its own charter or
  bylaws;
    (4) failure to submit to examination or any legal obligation  relative
  thereto, as required by section seven thousand seven of this article;
    (5)  refusal  or failure to pay the cost of examination as required by
  section seven thousand seven of this article;
    (6) refusal or failure to pay the taxes as required by  section  seven
  thousand twelve of this article and section fifteen hundred two-b of the
  tax law;
    (7) removal of home office or records from this state;
    (8)  use  of  practices  that,  although  not  otherwise  specifically
  prohibited by law, nevertheless render its operation detrimental or  its
  condition unsound with respect to the public or to its policyholders; or
    (9) failure to otherwise comply with laws of this state.
    (b)  If  the superintendent finds, upon examination, hearing, or other
  investigation, that any captive insurance company has committed  any  of
  the  acts specified in subsection (a) of this section, the license to do
  a captive business may be  suspended  or  revoked.    In  addition,  the
  license  to  do  a captive business may be suspended or revoked if it is
  deemed to be in the best interests of the public and  the  policyholders
  of  such  captive insurance company, notwithstanding any other provision
  of this article.