The Commissioner may revoke a certificate of authority issued to a corporation subject to this subtitle, and at any time after revocation may institute proceedings under Title 9, Subtitle 2 of this article to rehabilitate or liquidate the corporation, if:
(1) grounds exist under § 4-113 of this article; or
(2) the Commissioner has reason to believe that the corporation:
(i) is being operated for profit;
(ii) is being fraudulently conducted;
(iii) is not complying with this subtitle or article;
(iv) knowingly is failing to comply with a rule, regulation, or order of the Commissioner; or
(v) has violated the provisions of Title 6.5 of the State Government Article.