Requirements to maintain license

(a) A licensed contractor shall have and maintain in full force and effect the following: (1) Workers' compensation insurance; unless the licensee is authorized to act as a self-insurer under chapter 386 or is excluded from the requirements of chapter 386; (2) Liability insurance from an insurance company or agency for comprehensive personal injury and property damage liability; and (3) Bond when required by the board, under section 444-16.5. (b) Failure, refusal, or neglect of any licensed contractor to maintain in full force and effect, the applicable workers' compensation insurance, liability insurance, or bond shall cause the automatic forfeiture of the license of the contractor effective as of the date of expiration or cancellation of the contractor's workers' compensation insurance, liability insurance, or bond. (c) The board shall not restore the forfeited license until satisfactory proof of continuous insurance and bond coverages is submitted to the board as required by this section. (d) Failure to restore a license within sixty days after the date of forfeiture shall result in the forfeiture of all fees and shall require the person to apply as a new applicant. (e) The board may assess a fee not to exceed $1,000, impose a bond, or restrict the license as a condition for the restoration of a license forfeited pursuant to this section. (f) A licensee may, within sixty days after receipt of the notification of the forfeiture, request an administrative hearing to review the forfeiture pursuant to chapter 91.