Section 305
SEC. 305. An application for the issuance or renewal of a license to act as an insurance agent or insurance broker may be refused, or such license, if already issued or renewed, shall be suspended or revoked if the Commissioner finds that the applicant for, or holder of, such license: has willfully violated any provision of this Code; or in the application to qualify for such license; or has intentionally made a material misstatement in the application to qualify for such license; or has obtained or attempted to obtain a license by fraud or misrepresentation; or has been guilty of fraudulent or dishonest practices; or has misappropriated or converted to his own use or illegally withheld moneys required to be held in a fiduciary capacity; has not demonstrated trustworthiness and competense to transact business as an insurance agent or insurance broker in such manner as to safeguard the public; or has materially misrepresented the terms and conditions of policies or contracts of insurance which he seeks to sell or has sold; or has failed to pass the written examination prescribed, if not otherwise exempt from taking the same: In addition to the foregoing causes, no license to act as insurance agent or insurance broker shall be renewed if the holder thereof has not been actively engaged as such agent or broker. The term "actively engage" shall be taken to mean that the license holder shall have earned, during the year following the issuance of the license, commission or other compensation for services rendered as such insurance agent or insurance broker amounting to at least seventy-five per centum of his total income for the year; Provided, That in no case shall such commission or other compensation be less than three thousand six hundred pesos.