(a) If the Commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this title, he shall issue to it a proper certificate of authority. If the Commissioner does not so find, the authority shall be refused within a reasonable length of time following completion by the insurer of the application therefor.
(b) As a condition of the issuance of a certificate of authority, the Commissioner shall require that each insurer agree in writing to provide to any of its policyholders, within 30 days of the receipt of a request by such policyholder, a written summary of the terms of the policy. Such summary shall be in simple terms using language understandable to a person not trained in the law nor skilled in the interpretation of contracts. Such summary shall not be used in a court of law to limit or expand the terms of the policy or alter in any way the relationship of the parties under the policy. The Commissioner shall revoke the certificate of authority of any insurer who fails to comply with the requirements of this subsection.