The Men Behaving Badly star had featured in Churchill Insurance's television adverts alongside the trademark nodding dog for almost a year.
But it is understood the 50-year-old, who lives with his family in Dorset, was deemed no longer compatible with car insurance advertising.
The decision was taken after he informed the company he had reached 12 points on his licence for speeding offences and was banned by magistrates under totting-up rules.
A spokesman for Churchill said: "We have worked with Martin Clunes in a brand advertising campaign since December 2011.
"Martin Clunes recently informed Churchill Insurance that his driving licence has been suspended after he accumulated penalty points for four speeding offences.
"Churchill Insurance has no adverts with Martin Clunes on air and will be moving forward with new advertising."
It is not clear where the offences happened or how fast Clunes was travelling. His agent, Independent Talent Group would not comment.
During a 2004 appearance on the Star In A Reasonably Priced Car feature on the BBC's Top Gear programme, Clunes was described as an "incredibly brave" driver.
According to Marketing Magazine, the ads were part of a marketing exercise thought to cost £50 million.