618.12 Certificate of authority. (1) ISSUANCE. The commissioner shall either issue a certificate of authority to an applicant under s. 618.11 or issue an order refusing the certificate which finds: (a) That not all requirements of the law have been met; or
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(b) That the applicant is either not sound, not reliable, not entitled to public confidence or cannot reasonably be expected to perform its obligations continuously in the future; or (c) That the applicant’s directors and officers or, in the case of an alien insurer, its United States manager, are not sufficiently trustworthy, competent, experienced and free from conflict of interest to engage in the proposed business in this state and to comply continuously with the laws of this state; or (d) That the methods and practices to be used in doing business are not consistent with the interests of the applicant’s insureds, creditors or the public in this state. (2) SUBSTITUTES FOR LEGAL REQUIREMENTS. If the commissioner finds that the applicant does not comply with all requirements of the law, the commissioner may after a hearing under s.