(1) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this chapter, he or she shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-67-221 [repealed].
(2) If, after a hearing, the commissioner determines that the person has violated a provision of this chapter, the commissioner shall issue a written order which, in his or her discretion, may do one (1) or more of the following: Revoke the certificate of authority of the insurer or the license of the advisory organization;
(3) Suspend the certificate of authority of the insurer or the license of the advisory organization; or
(4) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or a penalty of not more than ten thousand dollars ($10,000) for each violation if the commissioner has found willful violations.