An applicant for registration as a legal expense organization must do all of the following in order to obtain registration:
(1) Apply for the registration under ORS 750.545.
(2) File with the Director of the Department of Consumer and Business Services in writing the address, including street and number, and mailing address, if different, of the organization’s initial registered office and the name of its initial registered agent at that office.
(3) Meet the following qualifications:
(a) The applicant must be financially responsible and the organization able to meet its obligations to its members.
(b) The directors, officers or managers of the organization must be competent, trustworthy and experienced managerially, as determined by the director after investigation or upon receipt of reliable information.