(a) The license of a captive insurance company to do an insurance business in this state may be suspended or revoked by the commissioner for any of the following reasons:
(1) Insolvency or impairment of capital or surplus.
(2) Failure to meet the requirements of Section 27-31B-6.
(3) Refusal or failure to submit an annual report, as required by Section 27-31B-9, or any other report or statement required by law or by lawful order of the commissioner.
(4) Failure to comply with its own charter, bylaws, or other organizational document.
(5) Failure to submit to examination or any legal obligation relative thereto, as required by Section 27-31B-10.
(6) Refusal or failure to pay the cost of examination, as required by Section 27-31B-10.
(7) Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders.
(8) Failure otherwise to comply with the laws of this state.
(b) If the commissioner finds, upon examination, hearing, or other evidence, that any captive insurance company has committed any of the acts specified in subsection (a), the commissioner may suspend or revoke the license if the commissioner deems it in the best interest of the public and the policyholders of the captive insurance company, notwithstanding any other provision of this title.