The department shall provide the director of the department of insurance and financial services with written notice of any final determination that an insurance provider has failed to pay an assessment, interest, or penalty when due. The director of the department of insurance and financial services may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state, or the license to operate in this state, of any insurance provider that fails to pay an assessment, interest, or penalty due under this act. The director of the department of insurance and financial services shall not withdraw a suspension of a certificate of authority to transact insurance in this state or a license to operate in this state under this section unless any delinquent assessment, interest, or penalty has been paid. If the director of the department of insurance and financial services issues a suspension under this section, the director of the department of insurance and financial services shall provide written notice to the standing committees on insurance not later than 10 days after the suspension is issued.