The Insurance Commissioner shall:

1. (1) Review the documentation submitted by an applicant, including any additional materials submitted upon request of the commissioner; and

2. (2)

   1. (A) Approve issuance of the certificate of registration to the applicant if the applicant meets the requirements of the Online Marketplace Guarantees Act, Arkansas Code § 23-66-801 et seq., and this part; or

   2. (B)

      1. (i) Deny the certificate of registration if the applicant fails to meet the requirements of the Online Marketplace Guarantees Act.
      2. (ii) The commissioner shall provide the basis for the denial within a written notice of denial.
      3. (iii) If the applicant submits a written request for a hearing within thirty (30) days of receiving the notice of denial, the commissioner shall conduct a hearing in which the applicant shall be given an opportunity to demonstrate that its application meets the requirements of the Online Marketplace Guarantees Act and this part.