(a) If the director or any appellate tribunal determines after a hearing that any insurer has failed to make any payment required by this chapter or has violated any of the provisions of this chapter, that insurer shall not write or renew workers’ compensation insurance or employer’s liability insurance on risks in this state or subject to the jurisdiction of this state. Any suspended insurer writing or renewing workers’ compensation insurance or employer’s liability insurance shall be fined not exceeding one thousand dollars ($1,000).
(b) If the director determines at any time that any insurer has fully complied with all the provisions of this chapter, that insurer may again write or renew workers’ compensation insurance or employer’s liability insurance.