The commissioner may waive the requirements of § 56-6-410 for any person or class of persons. The factors taken into account in granting the waiver shall include, but not be 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 or history of the organization indicates stability in its continuity of doing business; and
(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.