Upon the entry of an order suspending, denying, revoking, or refusing to renew a company‘s certificate of authority to issue variable annuities in this state, the Director of Insurance shall promptly notify the company, by registered or certified mail, that the order has been entered and the reasons therefor and that within fifteen days after the receipt of a written request the matter will be set down for hearing. If no hearing is requested within fifteen days and none is ordered by the director, the director shall enter his or her written findings of fact and conclusions of law and the order will remain in effect until it is modified or vacated by the director. If a hearing is requested or ordered, it shall be held pursuant to the Administrative Procedure Act.