Section 230-RICR-20-60-10.9 - Denial, Nonrenewal, Suspension or Revocation of LicensesA. The Department may deny an application for a broker or provider or revoke or suspend a license, or deny renewal of a license for the following: 1. Failing to respond to any written inquiry (including electronic communications) from the Department within fifteen (15) days of receipt of such inquiry.2. Providing incorrect, misleading, incomplete or materially untrue information in the license application.3. Violating any Rhode Island law or regulation, subpoena or order of the Department or of another state's insurance commissioner.4. Obtaining or attempting to obtain a license through misrepresentation or fraud.5. Being convicted of a felony.6. Having admitted or been found to have committed any unfair insurance trade practice, fraud or fraudulent life settlement act.7. Using fraudulent, coercive, or dishonest practices or demonstrating incompetence, untrustworthiness or financial irresponsibility in this state or in another place.8. Having a life settlement license or insurance producer license or its equivalent, denied, suspended or revoked in any other state, province, district or territory.9. Forging another's name to any document.10. Failing to comply with an administrative or court order imposing a child support obligation.11. Failing to pay state income tax or comply with any administrative or court order directing payment of state income tax.12. Failure to pay an assessment made by the Department.B. In addition to any of the above basis, the Department may deny or revoke a provider license if the department finds any of the following: 1. The provider is not fiscally sound to meet its obligations.2. The provider demonstrates a pattern of unreasonably withholding payments of owners.3. The provider does not have the capacity to operate as a life settlement provider and meet its obligations.4. The provider has failed to file the annual report or pay the annual fee as required in § 10.10 of this Part.5. The provider entered into a life settlement contract on an unapproved form.C. In the event that the action by the Department is to deny an application for or not renew a license, the Department shall notify the applicant or licensee, in writing, the reason for the denial or non-renewal of the license. The applicant or licensee may make written demand upon the Department within ten (10) days for a hearing before the Department to determine the reasonableness of the Department's action.D. The license of a business entity may be suspended or revoked if the Department finds that an individual licensee's violation was known or should have been known by one or more of the partners, officers or managers acting on behalf of the business entity and the violation was neither reported to the Department nor corrective action taken.E. In addition to or in lieu of any applicable denial, suspension or revocation of a license, a person may, after hearing, be subject to a fine and/or any other appropriate remedies according to R.I. Gen. Laws § 42-14-16.F. The Department shall retain the authority to enforce the provisions of and impose any penalty or remedy authorized by R.I. Gen. Laws Chapter 27-72, 42-14-16 and/or this Part against any person who is under investigation for or charged with a violation even if the person's license or registration has been surrendered or has lapsed by operation of law.230 R.I. Code R. 230-RICR-20-60-10.9