The Director of the Department of Consumer and Business Services may suspend, revoke or refuse to renew the license of a surplus lines licensee after notice and hearing as provided under the applicable provision of this state’s laws upon any one or more of the following grounds:

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(1) Removal of the surplus lines licensee’s office from this state, if the licensee is a resident insurance producer;

(2) Removal of the surplus lines licensee’s office accounts and records from the principal place of business of the licensee under ORS § 744.068 during the period during which such accounts and records are required to be maintained under ORS § 735.460;

(3) Closing of the surplus lines licensee’s office for a period of more than 30 business days, unless permission is granted by the director;

(4) Failure to make and file required reports;

(5) Failure to transmit required tax on surplus lines premiums;

(6) Violation of any provision of ORS § 735.400 to 735.495; or

(7) For any cause for which an insurance license could be denied, revoked, suspended or renewal refused under ORS § 744.074. [1987 c.774 § 133; 1989 c.288 § 4; 2001 c.191 § 49; 2003 c.364 § 45]