(a) The commissioner shall revoke a solicitation permit if requested in writing by:
(1) A majority of the incorporators and at least two-thirds of the subscribers to stock or applicants for insurance in the proposed incorporated insurer or corporation; or
(2) A majority of the subscribers of a proposed reciprocal insurer.
(b) The commissioner may, for cause, modify a solicitation permit, or may, after a hearing, revoke any solicitation permit for:
(1) Violation of this code;
(2) Violation of the terms of the permit;
(3) Violation of any proper order of the commissioner; or
(4) Misrepresentation.