Revocation of authority for failure to pay

(1) As used in this section, "licensee" means an individual or entity that holds a license issued by the commissioner or department. (2) The commissioner may revoke the certificate of authority of any insurer which fails to pay when due any taxes, fees, licenses, and other charges owing to this state. The commissioner may likewise revoke the license of any licensee as to whom any tax or fee required under this chapter has not been paid when due.