(a) If the Insurance Commissioner, after a hearing conducted according to § 23-61-301 et seq., finds that an insurer or a person has violated this subchapter, the commissioner may order:
(1) For each separate violation, a penalty of one thousand dollars ($1,000) or if the commissioner has found willful misconduct or willful violation, a penalty of five thousand dollars ($5,000); and
(2) Revocation or suspension of the insurer's or person's license.
(b) The decision of the commissioner under subsection (a) of this section is subject to judicial review under § 23-61-307.
(c) This section does not affect the right of the commissioner to impose other penalties provided for in the insurance laws.