(a) The Insurance Commissioner may, subject to the provisions of this section, by order rescind the license of the company:

1. (1) If the company has not commenced business according to its plan of operation within two (2) years of being licensed;
2. (2) If the company ceases to carry on insurance business in or from within Arkansas;
3. (3) At the request of the company; or
4. (4) For any reason provided in Arkansas Code § 23-63-1609.

(b)

1. (1) Before the commissioner rescinds the license of a company under subdivision (a)(1) or (a)(2) of this section, the commissioner shall:

   1. (A) Give the company notice in writing of the grounds on which he or she proposes to cancel the license; and
   2. (B) Afford the company an opportunity to make objection in writing within the period of thirty (30) days after receipt of notice.

2. (2) The commissioner shall:

   1. (A) Take into consideration any objection received by him or her within that period; and
   2. (B) If he or she decides to cancel the license, cause the order of cancellation to be served on the company.