§431:4-109  Permit issued or denied. (a)  The commissioner shall expeditiously examine the application for asolicitation permit and make any investigation relative thereto deemednecessary.

(b)  The commissioner shall give notice to theapplicant that the commissioner will issue a solicitation permit, stating theterms to be contained therein, if the commissioner finds:

(1)  The application is complete;

(2)  The documents therewith filed are equitable interms and proper in form;

(3)  The agreements made or proposed are equitable topresent and future shareholders, subscribers, members, or policyholders; and

(4)  None of the persons named in the application asbeing associated or to be associated with the formation of the insurer orcorporation is untrustworthy.

(c)  After such notice, the commissioner shallissue to the applicant a solicitation permit upon the applicant's filing of thefollowing:

(1)  The bond required by section 431:4-110; and

(2)  The articles of incorporation of the incorporatedinsurer or other corporation with the department of commerce and consumeraffairs and upon presentation of evidence of such filing to the commissioner.

(d)  If the commissioner denies the applicationfor a solicitation permit, the commissioner shall give notice to the applicantthat the permit will not be granted, state the grounds therefor, and refund tothe applicant all sums so deposited except the application fee. [L 1987, c 347,pt of §2]