If an employer who secures the payment of compensation under the provisions of subdivision 687(3) of this title neglects or refuses to comply with the reasonable rules and regulations of the Commissioner or neglects and refuses to promptly adjust and pay all compensation and medical bills as required by law, the Commissioner may cite in the employer. If on hearing it is found that such neglect or refusal is willful, the Commissioner may revoke the permission granted to such employer to secure the payment of compensation under such subdivision and compel the employer to take out insurance in an insurance company authorized to transact compensation insurance in the State in addition to penalties assessed under section 688 of this title. (Amended 1993, No. 225 (Adj. Sess.), § 16.)