(1) The certificate of authority issued to a unit of local government under this article may be revoked or suspended by the commissioner of insurance for any of the following reasons: (a) Insolvency or impairment; (b) Refusal or failure to submit an annual report as required by section 29-13-102 (4); (c) Failure to comply with the provisions of its own ordinances, resolutions, contracts, or other conditions relating to the self-insurance pool; (d) Failure to submit to examination or any legal obligation relative thereto; (e) Refusal to pay the cost of examination as required by section 29-13-102 (3); (f) Use of methods which, although not otherwise specifically proscribed by law, nevertheless render the operation of the self-insurance pool hazardous, or its condition unsound, to the public; (g) Failure to otherwise comply with the law of this state, if such failure renders the operation of the self-insurance pool hazardous to the public. (2) If the commissioner of insurance finds upon examination, hearing, or other evidence that any unit of local government has committed any of the acts specified in subsection (1) of this section or any act otherwise prohibited in this article, the commissioner may suspend or revoke such certificate of authority if he deems it in the best interest of the public. Notice of any revocation shall be published in one or more daily newspapers in Denver which have a general state circulation. Before suspending or revoking any certificate of authority of a unit of local government, the commissioner shall grant the unit of local government fifteen days in which to show cause why such action should not be taken.
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