Powers of director

The director may in its discretion, after reviewing all information pertaining to the applicant or policyholder available from its records, the records of the department, or from other sources: (1) refuse to assign an application; (2) approve the rejection of an application by an insurance carrier; (3) approve the cancellation of a policy of motor vehicle liability, physical damage, and medical payments insurance by an insurance carrier; or (4) refuse to approve the renewal or the reassignment of an expiring policy.