Revocation of certificates of approval
Section 25U. After notice and opportunity for a hearing, the commissioner of insurance may revoke a group's certificate of approval if it is found to be insolvent, fails to pay any regulatory fee or assessment, or special fund or trust fund contribution imposed on it, or fails to comply with any of the applicable provisions of sections twenty-five E to twenty-five U, inclusive, with any rules lawfully promulgated, or with any lawful order of said commissioner within the time prescribed. In addition, said commissioner of insurance may revoke a group's certificate of approval if, after notice and opportunity for hearing, the commissioner finds that any certificate of approval that was issued to the group was obtained by fraud; that there was a material misrepresentation in the application for the certificate of approval; or that the group or its administrator has misappropriated, converted, illegally withheld, or refused to pay over on proper demand any monies that belong to a member, an employee of a member, or a person otherwise entitled thereto and that have been entrusted to the group or its administrator in its fiduciary capacities.
This section shall apply to public employer groups; provided, however, that the failure of a public employer group to pay a premium tax shall not be grounds for revocation of the public employer group's certificate of approval.