Section 17B:27B-15 - Immediate suspension of license, registration, groundsThe commissioner may, without advance notice or hearing, immediately suspend the license or registration of a third party administrator if he finds that one or more of the following circumstances exist:
a. the administrator is insolvent or impaired;b. a proceeding for receivership, conservatorship, rehabilitation or other delinquency proceeding regarding the administrator has been commenced in another state; orc. the financial condition or business practices of the administrator otherwise pose an imminent threat to the public health, safety or welfare of the residents of this State. L. 2001, c. 267, s. 15, eff. 12/13/2001.