Any company or other insurer, or any officer or agent thereof, which or who issues or delivers to any person in this Commonwealth any policy, or alters any written application for insurance, in violation of the provisions of subdivision (b) of this article,¹ shall be guilty of a misdemeanor, and, upon conviction thereof, shall be sentenced to pay a fine of not more than three hundred dollars for each offense. The Insurance Commissioner may, in his discretion, take, against the offending party, any one or more of the following courses of action: (1) Revoke the license of any company, corporation, association, or other insurer of another State or country, or of the agent thereof, which or who violates any of said provisions; (2) impose a penalty of not more than one thousand dollars for each act of violation of any of the provisions of said subdivision (b) of this article. Before the Insurance Commissioner shall take any action as above set forth, he shall give written notice to the person, company, association, or exchange, accused of violating the law, stating specifically the nature of such alleged violation, and fixing a time and place, at least ten (10) days thereafter, when a hearing of the matter shall be held. After such hearing or upon failure of the accused to appear at such hearing, the Insurance Commissioner shall impose such of the above penalties as he deems advisable.