(1) For purposes of this section, "regulated health insurance entity" means a health insurance entity, as defined in Section 26B-3-1001, that is subject to regulation by the department.
(2) If a regulated health insurance entity fails to comply with the provisions of Section 26B-3-1004:
(a) the commissioner may revoke or suspend, in whole or in part, a license, certificate of authority, registration, or other authority that is granted by the commissioner to the regulated health insurance entity; and
(b) the regulated health insurance entity is subject to the penalties and procedures provided for in Section 31A-2-308.