Approval or disapproval of filing--Review period

The director shall review and approve, provide notice of deficiencies, or disapprove the initial filing within sixty days of receipt. At the end of the review period, the form is deemed approved if the director has taken no action. Any notice of deficiencies or disapproval shall be in writing and based only on the specific provisions of applicable statutes including § 58-11-21 , rules, or bulletins published by the director and contained in the document created by the director pursuant to §