The Director of Insurance may issue an order suspending, revoking or refusing to renew the certificate of authority of any company to issue variable annuities in this state if he finds that any of the following conditions exist:
(1) Any cause for which the issuance of a certificate of authority could have been refused had it existed and been known to the director at the time the license was originally issued;
(2) The company has violated or committed acts contrary to the provisions of Chapter 44;
(3) The company has obtained or attempted to obtain such license through willful misrepresentation or fraud;
(4) The company's authority to do a life insurance business or variable annuity business has been suspended, denied, or revoked in any other state; or
(5) The company has shown itself to be untrustworthy or incompetent.