If any insurance carrier not authorized to do business in the Commonwealth which is qualified to furnish proof of financial responsibility defaults in any of its undertakings or agreements, the Commissioner shall not thereafter accept any certificate of that carrier so long as the default continues and shall revoke licenses previously granted on the basis of its policies unless the default is immediately repaired.
Code 1950, § 46-462; 1958, c. 541, § 46.1-474; 1989, c. 727.