Certificate of authority; issuance; notice of disapproval; continued compliance with subsection (1).

Sec. 14. (1) The commissioner shall issue a certificate of authority to operate as a TPA if the commissioner is satisfied that the TPA has adequate facilities, personnel, and managers to act as a third party administrator. (2) If the commissioner disapproves an application for a certificate of authority, he or she shall notify the applicant in writing of the reasons for the disapproval. (3) A TPA shall continue to meet the conditions required under subsection (1) after the certificate of authority is issued.