(1) If the Director of the Department of Consumer and Business Services determines that an applicant has satisfied all requirements for a license as a third party administrator, the director shall issue the license to the applicant. The director shall not issue a license if the director determines that the third party administrator, or any individual responsible for the conduct of affairs of the third party administrator, as required to be set forth in the application for the license, is not competent, trustworthy, financially responsible or of good personal and business reputation, or has had a license or other document of authority to transact insurance as an insurer, insurance producer or third party administrator denied or revoked for cause by any state.
(2) If the director denies an application, the director shall so inform the applicant, stating the grounds for the denial. [1991 c.812 §7; 2003 c.364 §129]
Section: Previous 744.660 744.665 744.700 744.702 744.704 744.706 744.708 744.710 744.712 744.714 744.716 744.718 744.720 744.722 744.724 NextLast modified: August 7, 2008