(a) No person shall act as or hold himself out to be an administrator in this state, other than an adjuster licensed in this state for the kinds of business for which he is acting as an administrator, unless such person holds a license as an administrator issued by the Commissioner. The license shall be renewable for such term and in such manner as the Commissioner may prescribe by rule or regulation. Failure to hold such license shall subject the administrator to the fines and other appropriate penalties as provided in Chapter 2 of this title.

(b) An application for an administrator's license or an application for renewal of such license shall be accompanied by a filing fee to be prescribed by rule or regulation of the Commissioner.

(c) A license may be refused or a license duly issued may be suspended or revoked or the renewal of such license refused by the Commissioner if, after notice and hearing as provided in subsection (d) of this Code section, he finds that the applicant for or holder of the license:

(1) Has violated any provision of this title or of any other law of this state relating to insurance as defined in this chapter or relating to another type of insurance;

(2) Has intentionally misrepresented or concealed any material fact in the application for the license;

(3) Has obtained or attempted to obtain the license by misrepresentation, concealment, or other fraud;

(4) Has misappropriated, converted to his own use, or illegally withheld money belonging to an insurer or an insured or beneficiary;

(5) Has committed fraudulent or dishonest practices;

(6) Has materially misrepresented the terms and conditions of insurance policies or contracts;

(7) Has failed to comply with or has violated any proper order, rule, or regulation issued by the Commissioner;

(8) Is not in good faith carrying on business as an administrator; or

(9) Has shown lack of trustworthiness or lack of competence to act as an administrator.

(d) Before any administrator's license shall be suspended or revoked or the renewal of the license refused as prescribed under this Code section, the Commissioner shall give notice of his intention to do so, by registered or certified mail or statutory overnight delivery to the applicant for or holder of the license; and the Commissioner shall set a date not less than 20 days from the date of mailing the notice when the applicant or licensee may appear to be heard and produce evidence. In the conduct of the hearing, the Commissioner or any deputy commissioner specially designated by him for that purpose shall have power to administer oaths, to require the appearance of and examine any person under oath, and to require the production of books, records, or papers relevant to the inquiry upon his own initiative or upon request of the applicant or licensee. Upon the conclusion of the hearing, findings shall be reduced to writing and, upon approval by the Commissioner, shall be filed in his office and notice of the findings sent by registered or certified mail or statutory overnight delivery to the applicant or licensee.

(e) No licensee whose license has been revoked as prescribed under this Code section shall be entitled to file another application for a license within two years from the effective date of the revocation or, if judicial review of such revocation is sought, within two years from the date of final court order or decree affirming the revocation. The application when filed may be refused by the Commissioner unless the applicant shows good cause why the revocation of his license shall not be deemed a bar to the issuance of a new license.

(f) Any applicant whose application for an administrator's license has been rejected for any reason enumerated in paragraphs (1) through (9) of subsection (a) of this Code section, upon request therefor in writing within ten days after notice of such rejection, shall be entitled to a hearing as provided for by this Code section; and the procedure set forth by this Code section shall apply to the same.

(g) Appeal from any order or decision of the Commissioner made pursuant to this article shall be taken as provided in Chapter 2 of this title.

(h) The Commissioner may impose, by rule or regulation, additional reasonable qualifications necessary to obtain a license as an administrator.