Section 4521. Grounds for revocation or suspension of license

The
  superintendent may revoke or suspend the license to do business in  this
  state of any domestic, foreign or alien society, if, after notice to and
  hearing of such society in accordance with sections three hundred three,
  three  hundred four and three hundred five of this chapter, he finds any
  one or more of the following grounds therefor:
    (a) that such society has exceeded its powers  under  its  charter  or
  under its license to do business;
    (b)  that  such  society  has failed to comply with any requirement of
  this chapter applicable thereto;
    (c)  that  such  society  is   conducting   its   insurance   business
  fraudulently  or in a way hazardous to its members, its creditors or the
  public;
    (d) that such society is not carrying out its contracts in good faith;
  and
    (e) in the case of a foreign or alien society, that the society is not
  conforming in substance to all of the requirements imposed  on  domestic
  societies,  and in such a case, the revocation may be in addition to, or
  in lieu of, a proceeding under article seventy-four of this  chapter  in
  the  circumstances  specified  in  section  four  thousand  five hundred
  nineteen of this article.