(a) After notice and an opportunity for a hearing, the commissioner may revoke a group's certificate of approval if the group:
(1) is found to be insolvent;
(2) fails to pay a tax, assessment, or special fund contribution imposed on the group; or
(3) fails to comply in a timely manner with this chapter, a rule adopted under this chapter, or an order of the commissioner.
(b) In addition, the commissioner may revoke a group's certificate of approval if, after notice and an opportunity for hearing, the commissioner determines that:
(1) a certificate of approval issued to the group was obtained by fraud;
(2) there was a material misrepresentation in the application for the certificate of approval; or
(3) the group or its administrator has misappropriated, converted, illegally withheld, or refused to pay on proper demand any money that belongs to a member, an employee of a member, or a person otherwise entitled to the money and that has been entrusted to the group or its administrator in their fiduciary capacities.