(b) The commissioner shall approve an assessment of member insurers by the association when the association is insolvent as defined in section [431:15-103(a)].(c) The commissioner may suspend or revoke after a hearing the certificate of authority of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five per cent of the unpaid assessment per month and shall not be less than $100 per month.
