(a)

1. (1) If the Insurance Commissioner refuses to grant a certificate of authority to an applicant that fails to meet the requirements of this part, notice of refusal shall be in writing.

2. (2) Such notice shall:

   1. (A) Set forth the basis for the refusal; and
   2. (B) Constitute thirty (30) days’ advance notice of revocation of the initial certificate of authority.

(b)

1. (1) If the applicant submits a written request for hearing within thirty (30) days after mailing of the notice of refusal, revocation of the initial certificate of authority shall be temporarily stayed.
2. (2) The commissioner shall promptly conduct a hearing in which the applicant shall be given an opportunity to show compliance with the requirements of this part.