(1) When the Director of Insurance upon investigation finds that a foreign or alien society transacting or applying to transact business in this state (a) has exceeded its powers, (b) has failed to comply with any of the provisions of sections 44-1072 to 44-10,109, (c) is not fulfilling its contracts in good faith, or (d) is conducting its business fraudulently or in a manner hazardous to its members, its creditors, or the public, the director shall notify the society of such deficiency or deficiencies and state in writing the reasons for his or her dissatisfaction. He or she shall at once issue a written notice to the society requiring that the deficiency or deficiencies which exist are corrected. After such notice the society shall have a thirty-day period in which to comply with the director’s request for correction and if the society fails to comply, the director shall notify the society of such findings of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked, or refused. If on such date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked, or refused, the director may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to the director that such suspension or refusal should be withdrawn or the director may revoke the authority of the society to do business in this state.

(2) Nothing in this section shall be taken or construed to prevent any such society from continuing in good faith all contracts made in this state during the time such society was legally authorized to transact business in this state.