The Commissioner shall impose an administrative fine, not to exceed $1,000 for each violation, and may withdraw the certification of any third-party administrator who:
1. Fails to comply with regulations of the Commissioner regarding reports or other requirements necessary to carry out the purposes of chapters 616A to 616D, inclusive, or chapter 617 of NRS; or
2. Violates any provision of NRS 616B.0275 or 616B.503 or any regulation adopted by the Commissioner or the Administrator concerning the administration of the plan of insurance.