(a) A small employer carrier may apply to become a risk-assuming carrier by filing an application with the Commissioner in a form and manner prescribed by the Commissioner.
(b) The Commissioner shall consider the following factors in evaluating an application filed under subsection (a) of this section:
(1) The carrier's financial condition;
(2) The carrier's history of rating and underwriting small employer groups;
(3) The carrier's commitment to market fairly to all small employers in the State or its established geographic service area, as applicable;
(4) The carrier's experience with managing the risk of small employer groups; and
(5) The effect of approval and disapproval on the small employer insurance market and the Delaware Small Employer Health Reinsurance Program pursuant to § 7210 of this title [repealed].
(c) The Commissioner may rescind the approval granted to a risk-assuming carrier under this section if the Commissioner finds that:
(1) The carrier's financial condition will no longer support the assumption of risk from issuing coverage to small employers in compliance with § 7207 of this title without the protection afforded by the Program;
(2) The carrier has failed to market fairly to all small employers in the State or its established geographic service area, as applicable; or
(3) The carrier has failed to provide coverage to eligible small employers as required in § 7207 of this title.
(d) A small employer carrier electing to be a risk-assuming carrier shall not be subject to the provisions of § 7210 of this title [repealed].