(1) The Insurance Commissioner shall conduct all hearings held pursuant to allegations of violations of this subchapter pursuant to §§ 23-61-303 — 23-61-307.
(2) The commissioner may suspend for up to twelve (12) months, or may revoke or refuse to continue, any license issued by him or her which is the subject of an administrative hearing held pursuant to a violation of this subchapter.
(3) The commissioner may additionally impose upon the licensee an administrative penalty in the amount of not more than one thousand dollars ($1,000) for each and every act or violation, but not to exceed an aggregate penalty of ten thousand dollars ($10,000), unless the person knew or reasonably should have known the person was in violation of this subchapter, in which case, the penalty shall be not more than five thousand dollars ($5,000) for each and every act or violation, but in an amount not to exceed an aggregate penalty of fifty thousand dollars ($50,000) in any six-month period.