The failure of any person, firm, association, or corporation to promptly pay or fulfill any contract in force at the time of maturity, when legally determined that the contract was in force, the failure to pay promptly when due the examination fee required, the failure to pay the license fee, privilege license when due, or penalties when assessed, the failure to fulfill any contract when services are performed by another person, firm, association, or corporation with whom the deceased or his legal representative had contracted, or the failure to adhere to the approved policy form, or to collect and retain the filed and approved rate for premium as filed in the office of the commissioner of insurance, each and all shall be grounds for the cancellation by the commissioner of insurance of its license to do business in this state.
Procedure for revocation of license under the above offenses shall be the same procedure as provided in the case of insurance agents engaging in the business of life, accident, and health insurance.