626.6115  Grounds for compulsory refusal, suspension, or revocation of insurance agency license.--The department shall deny, suspend, revoke, or refuse to continue the license of any insurance agency if it finds, as to any insurance agency or as to any majority owner, partner, manager, director, officer, or other person who manages or controls such agency, that either one or both of the following applicable grounds exist:

(1)  Lack by the agency of one or more of the qualifications for the license as specified in this code.

(2)  Material misstatement, misrepresentation, or fraud in obtaining the license or in attempting to obtain the license.