Upon the filing of an application and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if he finds the applicant is qualified in accordance with this chapter. If the commissioner does not so find, he shall, within ninety (90) days after he has received such application, so notify the applicant and, at the request of the applicant, give the applicant a full hearing.
The commissioner shall issue or renew a license as may be applied for when he is satisfied that the person to be licensed:
Is competent and trustworthy and intends to act in good faith as a sponsor of prepaid legal services plans in this state;
Has a good business reputation and has had experience, training or education so as to be qualified to act as a sponsor of prepaid legal services plans; and
If a corporation is incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.