The commissioner may deny an application for a certificate of authority or discipline a certificate holder under this subchapter if the commissioner finds that the applicant or certificate holder, or an officer or director of an applicant or certificate holder:
(1) wilfully violated or participated in the violation of this chapter or any other insurance law of this state;
(2) intentionally made a material misstatement in the original or renewal application;
(3) obtained or attempted to obtain the certificate by fraud or misrepresentation;
(4) misappropriated, converted to a personal or other inappropriate use, or illegally withheld money required to be held in a fiduciary capacity;
(5) has been convicted of a felony or convicted of a misdemeanor of which criminal fraud is an essential element; or
(6) is incompetent or untrustworthy.