(1) The commissioner may suspend or revoke a private air ambulance service certificate of authority if the private air ambulance service:
(a) no longer meets the requirements for the certificate of authority;
(b) materially fails to comply with a membership agreement issued to residents of Montana;
(c) is in unsound fiscal condition or is demonstrated to be using methods or practices in the conduct of its business that render its further transaction of insurance in this state injurious or hazardous to its members or to the public; or
(d) violates an applicable provision of law.
(2) Unless otherwise provided in the order of suspension or revocation, the private air ambulance service shall continue to honor membership agreements that are in force at the time of revocation or suspension.