A. Issuance of a certificate of authority shall be granted within the time prescribed in section 20-216 by the director if the director is satisfied that the following conditions are met:

1. 1. The persons responsible for conducting the affairs of the health care services organization are competent and are professionally capable of providing or arranging for the provision of health and medical services being offered.
2. 2. The health care services organization constitutes an appropriate mechanism to achieve an effective health care plan pursuant to this title and any rule that is adopted by the director.

3. 3. The health care services organization is financially responsible and may reasonably be expected to meet its obligations to enrollees and prospective enrollees. In making this determination, the director may consider:

   1. (a) The financial soundness of the health care plan's arrangements for health care services and the schedule of charges used in connection therewith.
   2. (b) Any agreement with an insurer, a hospital or a medical service corporation, a government or any other organization for insuring the payment of the cost of health care services or the provision for automatic applicability of an alternative coverage in the event of discontinuance of the plan.
   3. (c) Any agreement with providers for the provision of health care services.
4. 4. Each officer responsible for conducting the affairs of the health care services organization has filed with the director, subject to the director's approval, a fidelity bond in the amount of $50,000.