(a) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this subchapter, the commissioner shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-79-309.
(b) If, after a hearing, the commissioner determines that the person has violated a provision of this subchapter, the commissioner shall issue a written order which, in the commissioner's discretion, may do one (1) or more of the following:
(1) Revoke the certificate of authority of the insurer or the license of the rate service organization;
(2) Suspend the certificate of authority of the insurer or the license of the rate service organization; and
(3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or, if the commissioner has found willful violations, a penalty of not more than ten thousand dollars ($10,000) for each violation.
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