(a) Before granting a certificate of authority or amended certificate of authority as a grants and annuities society to any applicant, the commissioner shall consider the qualifications of the applicant with respect to the following subjects:
(1) Minimum net worth and working capital.
(2) Lawfulness and quality of investments.
(3) Financial stability.
(4) Reinsurance agreements.
(5) Competency, character, and integrity of management.
(6) Ownership and control.
(7) Fairness and honesty of methods of doing business.
(8) Risk to the public.
(b) Upon consideration of all relevant qualifications, the commissioner shall issue a certificate of authority to an applicant, unless the commissioner finds that the applicant is materially deficient with respect to one or more of the subjects set forth in subdivision (a).