After receiving a completed application, the commissioner shall issue a certificate of authority to operate a health maintenance organization to the applicant if:

1. (1) the application fee is received by the commissioner; and

2. (2) the commissioner is satisfied that the following requirements are met:

   1. (A) The persons responsible for the conduct of the affairs of the applicant are competent, trustworthy, and have good reputations.
   2. (B) The health maintenance organization will effectively provide or arrange for the provision of the health care services covered in the health maintenance organization's individual and group contracts on a prepaid basis, through insurance or other means, except to the extent of reasonable requirements for copayments and deductibles.
   3. (C) The health maintenance organization complies with IC 27-13-12 through IC 27-13-19 .

As added by P.L.26-1994, SEC.25.