(1) The commissioner may suspend or revoke the certificate of authority of a captive insurance company to conduct an insurance business in this state for:

1. (a) insolvency or impairment of capital or surplus;
2. (b) failure to meet the requirements of Section 31A-37-204;

3. (c) refusal or failure to submit:

   1. (i) an annual report required by Section 31A-37-501; or
   2. (ii) any other report or statement required by law or by lawful order of the commissioner;
4. (d) failure to comply with the charter, bylaws, or other organizational document of the captive insurance company;

5. (e) failure to submit to:

   1. (i) an examination under Section 31A-37-502; or
   2. (ii) any legal obligation relative to an examination under Section 31A-37-502;

6. (f) refusal or failure to pay:

   1. (i) an annual fee described in Section 31A-3-304;
   2. (ii) the cost of examination described in Section 31A-37-502; or
   3. (iii) any other fee prescribed by this title;

7. (g) use of methods that, although not otherwise specifically prohibited by law, render:

   1. (i) the operation of the captive insurance company detrimental to the public or the policyholders of the captive insurance company; or
   2. (ii) the condition of the captive insurance company unsound with respect to the public or to the policyholders of the captive insurance company; or
8. (h) failure otherwise to comply with laws of this state.