Any organization shall, prior to its engaging in the business of insurance, obtain approval from the Division of Insurance. The division may deny approval or withdraw approval of an organization to engage in the business of insurance for any of the following reasons:
(1) Any of the grounds specified in § 58-6-8;
(2) Insufficient membership control of the organization;
(3) Unreasonable compensation to officers, directors, or employees of the organization;
(4) Misuse of premiums; or
(5) Refusal to be examined or to cooperate in an examination.