(1) If any insurance agent, surveyor or broker fails to renew his license in accordance with section 31, if the committee is convinced that he has done anything against the rights and interests of the policyholder or contrary to this Act or the rules made under this Act, the committee shall order such insurance agent, surveyor or may revoke the broker's license. (2) Before revoking the license in accordance with sub-section (1), the committee shall give reasonable time to submit an explanation on the charges against him.