If, after the hearing, the director finds that the insurer charged has engaged in an unfair trade practice, he or she shall reduce his or her findings to writing and shall issue and cause to be served upon the insurer charged with the violation a copy of such findings and an order requiring such insurer to cease and desist from engaging in the act or practice and he or she may order any one or more of the following:

(1) Payment of a monetary penalty of not more than one thousand dollars for each violation, not to exceed an aggregate penalty of thirty thousand dollars, unless the violation was committed flagrantly in conscious disregard of the Unfair Insurance Trade Practices Act, in which case the penalty shall be not more than fifteen thousand dollars for each violation, not to exceed an aggregate penalty of one hundred fifty thousand dollars; and

(2) Suspension or revocation of the insurer's license or certificate of authority if the insurer knew or reasonably should have known that he, she, or it was in violation of the act.