The commissioner may waive the requirements of 33-17-603 for any person or class of persons. The factors taken into account in granting a waiver include but are not limited to:
(1) whether the person acting as an administrator is primarily in a business other than that of administrator;
(2) whether the financial strength and history of the organization indicates stability in its continuity of doing business;
(3) whether the regular duties being performed as an administrator are such that the covered persons are not likely to be injured by a waiver of the requirements.