1. After the filing of an application for a solicitor’s permit, the Commissioner shall promptly cause an investigation to be made of:
(a) The identity, character, reputation, experience, financial standing and motives of the persons proposing to organize, promote or finance the association of self-insured public or private employers;
(b) The character, financial responsibility, management experience and business qualifications of the officers, directors and managers of the existing or proposed association; and
(c) Any other aspects of the solicitor, association or proposed financing as the Commissioner deems advisable.
2. The Commissioner shall expeditiously examine an application for a solicitor’s permit and complete the investigation required pursuant to subsection 1. Except as otherwise provided in subsection 3, if the Commissioner finds after performing an examination and investigation that:
(a) The application is complete and the applicable fee has been paid;
(b) The documents filed with the application are proper in form; and
(c) The proposed financing is reasonable and adequate in amount for the purposes intended and the applicant is otherwise entitled to the permit,
Ê the Commissioner shall issue a permit and assign a permit number to the applicant.
3. If the Commissioner does not so find, or finds that:
(a) The applicant is not competent, trustworthy, financially responsible or of good personal and business reputation;
(b) Any of the persons associated or to be associated with the association are not of good reputation as to business affairs or financial responsibility; or
(c) There is material variance, adverse to the applicant, as between the information furnished by the applicant in connection with the application and that determined by the Commissioner on investigation,
Ê the Commissioner shall give notice to the applicant that a permit will not be granted, stating the particulars of the grounds for the denial. The Commissioner shall not refund the fee for the filing of the application.