(a) The license issued to an International Insurance Company by this Territory may be suspended or revoked by the SAM for any of the following reasons:
(1) insolvency or impairment of capital or surplus;
(2) failure to meet the requirements of sections 1405 or 1406 of this chapter or any rules and regulations promulgated hereunder;
(3) refusal or failure to submit an annual report, as required by section 1410 of this title, or any other report or statement required by law, regulation, or lawful order of the SAM;
(4) failure to comply with the provisions of its own charter or bylaws;
(5) failure to submit to an examination or any legal obligation relative thereto, as required by section 1411 of this title;
(6) refusal or failure to pay the cost of examination as required by section 1411;
(7) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public good or to its policyholders; or
(8) failure otherwise to comply with the laws of this Territory made applicable by this chapter to International Insurance Companies.
(b) If the SAM finds, upon examination, hearing, or other evidence, that any International Insurance Company has committed any of the acts specified in subsection (a) of this section, the SAM may suspend or revoke such license if the SAM deems it in the best interest of the public and the policy-holders of such International Insurance Company.