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(a) The corporation may issue contracts to its subscribers only when the Insurance Commissioner has, by certificate of authority, authorized it to do so.
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(b) Application for the certificate of authority shall be made on forms supplied or approved by the commissioner containing such information as he or she shall deem necessary.
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(c) Each application for the certificate of authority shall be accompanied by the fee prescribed by § 23-61-401 and copies of the following documents:
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(1) Articles of incorporation;
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(2) Bylaws;
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(3) Proposed contracts between the applicant and participating hospitals and physicians, showing the terms under which service is to be furnished to subscribers;
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(4) Proposed contracts to be issued to subscribers;
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(5) A table of rates to be charged to subscribers;
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(6) Financial statement of the corporation, including the amounts of contributions paid or agreed to be paid to the corporation for working capital and the names of each contributor and the terms of each contribution; and
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(7) A statement of the area in which the corporation proposes to operate.
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