(a) Upon completion of the application for a permit under §§ 4705 and 4706 of this title, the Commissioner shall promptly cause an investigation to be made of:
(1) The identity, character, reputation, financial standing and motives of the persons proposing to organize or promote and manage the proposed insurer or organization;
(2) The character, financial responsibility, insurance management experience and business qualifications of the officers, directors and managers of the insurer or proposed insurer or organization; and
(3) Such other aspects of the proposed insurer or financing as the Commissioner deems advisable.
(b) The Commissioner may waive such an investigation of an insurer already duly authorized to transact insurance in this State.