Whenever, after notice and hearing, the commissioner is satisfied that any adjuster has violated any provision of this chapter, or is incompetent or untrustworthy, he shall revoke, suspend, or, if renewal of license is pending, refuse to renew the license of such adjuster. In addition to revoking suspending or refusing to renew such license, the commissioner may in his discretion order such licensee to pay to the state of West Virginia an administrative penalty in a sum not to exceed one thousand dollars.