Unless renewed, the approval and registration of all underwriters’ names shall expire at 12:01 a.m. July 1st of each even-numbered year. Renewal may be secured by filing with the commissioner an application therefor, together with a fee of ten dollars ($10). Such an application shall be filed during the month of May preceding such July 1st. The commissioner shall furnish the application forms for such renewal. The commissioner shall, upon receipt of a proper renewal application and payment of the filing fee therefor, renew the approval and registration of the underwriter’s name unless he finds that:
(a)
The insurer has abandoned use of said underwriter’s name;
(b)
The insurer is actually using or publicizing the name in any manner after it has discontinued the issuance of underwriter’s policies bearing such name;
(c)
The insurer has used such underwriter’s name in a manner which has resulted in misrepresentation or fraud;
(d)
The insurer has used such underwriter’s name in a manner which would violate any provision of law relating to the conduct of its business;
(e)
The insurer has secured such underwriter’s name through misrepresentation or concealment of material information; or
(f)
Reasons exist which would warrant refusal of approval or registration if the same were being initially requested.
If the commissioner so finds he shall advise all insurers using said underwriter’s name in writing that the renewal application is denied and set forth with particularity the reasons for the denial. Such denial shall be effective thirty (30) days after mailing of such advice to the insurer unless within such thirty (30) days the insurer requests a hearing. In this event the advice of denial shall constitute the commissioner’s opening pleading for the purpose of the hearing, which shall be deemed denied by the insurer. The insurer if it elects may within ten (10) days file additional written response. The hearing shall be noticed and commenced within a reasonable time. During said thirty (30) days, and, if request for hearing be filed until the termination of such proceeding, the insurer may continue the use of the underwriter’s name and the issuance of policies thereunder provided timely renewal application has been filed and the filing fee paid.