(1) Approval of a prelicensing insurance education course associated with a prelicensing provider may be suspended or revoked if the commissioner concludes that any of the following has occurred:

(a) The content of an approved course is significantly changed without notice to and prior approval from the commissioner;

(b) A certificate of completion is issued to a person who did not complete the course;

(c) A certificate of completion is not issued to a person who satisfactorily completed the course;

(d) The actual instruction of the course is found by the commissioner to be inadequate; or

(e) Within fifteen days after the date of the commissioner's request, the prelicensing insurance education provider fails to supply updated descriptions of any course, records, materials, or audit reports.

(2) Reinstatement of approval of a prelicensing insurance education provider is at the sole discretion of the commissioner and is conditioned upon receipt of satisfactory proof that the conditions responsible for the suspension have been corrected and the possibility of reoccurrence of the violation has been eliminated.