(a) The Insurance Commissioner shall suspend or revoke an insurer's certificate of authority:
(1) If the action is required by any provision of the Arkansas Insurance Code; or
(2) If the insurer no longer meets the requirements for the authority originally granted, on account of deficiency of assets or otherwise; or
(3) If the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(b)
(1) Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in subdivision (a)(3) of this section, the commissioner shall give the insurer at least ten (10) days' written notice in advance of any suspension or revocation under this section.
(2) If the insurer requests a hearing thereon within the ten (10) days, the request shall automatically stay the commissioner's proposed action until his or her order is made on the hearing.