The commissioner may, after notice and hearing, promulgate such rules and regulations as he finds to be appropriate and necessary for the supervision of this act. Whenever the commissioner finds that there has been a violation of this act or any rules and regulations promulgated thereunder and after written notice thereof and hearing given to the insurer or other person authorized or licensed by the commissioner, he shall set forth the details of his findings, together with an order for compliance by a specified date. Such order shall be binding on the insurer and other person authorized or licensed by the commissioner on the date specified unless sooner withdrawn by the commissioner, or a stay thereof has been ordered by a court of competent jurisdiction. The provisions of sections 5, 6, 7 and 8 of this act¹ shall not be operative until ninety days after the effective date of this act, and the commissioner in his discretion may extend by not more than an additional ninety days the initial period within which the provisions of said sections shall not be operative. The provisions of subsection (b) of section 7 of this act with respect to approval of rates shall not be operative as applied to individual decreasing term credit life insurance until March 1, 1963.