(a) The Commissioner may suspend or revoke the license of any agent issuing or purporting to issue any binder as to any insurer named therein as to which he is not then authorized so to bind.
(b) In addition to any penalties which may be imposed by the Commissioner, any agent who issues a false, fraudulent, counterfeit or otherwise invalid binder shall be fined, for each binder issued, not less than $500.00 nor more than $2,000.00, and may be imprisoned not more than two (2) years.