Upon receipt of an application for a certificate of authority, the commissioner shall issue or deny a certificate pursuant to this chapter within thirty days of the application, which may be extended for an additional thirty days by notice to the applicant prior to the expiration of the first thirty days. A certificate of authority shall be issued upon payment of the application fee prescribed in section 523F.18, if the commissioner is satisfied that all of the following conditions are met:
1. The persons responsible for the conduct of the affairs of the applicant are competent, trustworthy, and of good reputation.
2. The applicant demonstrates the willingness and ability to assure that the promised benefits can be provided. In making this determination the commissioner shall consider so far as applicable all of the following:
a. The adequacy of capital and surplus considered in relation to the other items in this section.
b. Any agreement with lawyers for the provision of legal services.
c. The financial soundness of the applicant's arrangements for legal services and the schedule of rates proposed to be used in connection with the arrangements for legal services.
d. Any agreement with another person authorized under this chapter, an insurer licensed under the general insurance laws to do business in this state, a reinsurer eligible under the laws or rules of this state to provide reinsurance, or an agency of the federal or state government for insuring the payment of the cost of legal services or the provision for automatic applicability of an alternative coverage if the insurer is unable to perform its obligations.
e. Any surety bond or deposit of cash or securities as a guarantee that the obligations will be duly performed.
f. If the applicant is licensed as an insurer under other insurance laws of this state, whether the applicant has complied with the requirements of those laws.
90 Acts, ch 1150, §4
Referred to in § 523F.8, 523F.22, 523F.24
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