(1) Licenses issued to rating organizations under section 41-1415, Idaho Code, shall remain in effect for one (1) year, unless sooner suspended or revoked by the director, and may be renewed for successive periods of one (1) year each upon application of the rating organization and payment in advance of the license fee.
(2) The fee for the license shall be in the amount set forth by rule pursuant to section 41-401, Idaho Code.
(3) The director may suspend or revoke the license if he finds, after a hearing thereon of which notice was duly given to the rating organization, that the rating organization no longer meets the requirements of section 41-1415, Idaho Code, or for failure to comply with the director’s order as provided in section 41-1432, Idaho Code.