(a) The Insurance Commissioner shall revoke a surplus lines broker's license:
(1) If the broker fails to file his or her quarterly statement or fails to remit the tax as required by law;
(2) If the broker fails to maintain an office, keep records, or allow the commissioner to examine his or her records as required by law; or
(3) For any cause for which an agent's license may be revoked.
(b) The commissioner may suspend or revoke a license whenever he or she deems the suspension or revocation to be for the best interest of the people of this state.
(c) The procedures provided by § 23-64-218 for the suspension or revocation of an agent's license shall be applicable to suspension or revocation of a surplus lines broker's license.
(d) A broker whose license has been revoked shall not be licensed within one (1) year thereafter or until payment of fines or delinquent taxes.
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