The director may refuse to renew or may revoke or suspend any certificate of authority issued to a mechanical reimbursement reinsurer pursuant to this article if, after notice and a hearing, the director finds any of the following:
1. In the opinion of the director the policy and loss reserves maintained by the mechanical reimbursement reinsurer are insufficient to cover future losses.
2. In the opinion of the director, the mechanical reimbursement reinsurer is insolvent.
3. The mechanical reimbursement reinsurer has not filed its annual report or paid its renewal fee on a timely basis.
4. The mechanical reimbursement reinsurer has violated any provisions of this article.