(a) The license of a provider shall remain in effect until revoked after notice and hearing upon written finding of fact by the State Insurance Department that the provider has:
(1) Willfully violated any provision of this subchapter, or any rule promulgated under this subchapter;
(2) Failed to file an annual disclosure statement or standard form of contract as required by the Continuing Care Provider Regulation Act, § 23-93-101 et seq.;
(3) Delivered to a prospective resident a disclosure statement that makes an untrue statement or omits a material fact, and the provider, at the time of the delivery of the disclosure statement, had actual knowledge of the misstatement or omission;
(4) Failed to comply with the terms of a cease and desist order issued pursuant to § 23-93-104; or
(5) Has been determined by the department to be in a hazardous financial condition.
(b) Findings of fact in support of revocation shall be accompanied by an explicit statement of the underlying facts supporting the finding.