1. (a) The director shall request review and approval of the association by forwarding applications to the association, return receipt requested, immediately after the director deems the application complete and finds the applicant's financial information required under §114.3 of this title (relating to Initial Application Form and Financial Information Requirements) reflects one of the following:

   1. (1) Dunn and Bradstreet rating of 3A1 or better;
   2. (2) Standard and Poor's rating of BBB or better;
   3. (3) Moody's rating of Baa or better; or
   4. (4) minimum tangible net worth of $5 million with a ratio of tangible net worth to long-term debt of 1.5 to one or greater.
2. (b) The director may audit information supplied by an employer applying for a certificate.
3. (c) The director shall recommend an applicant for certification only with approval of the application by the association. Failure of the association to respond within 40 days of the association receiving the application will be deemed association approval of the applicant being certified.
4. (d) Within a reasonable time after accepting a completed application packet, the director will recommend to the commissioners approval or denial of the application and supply a complete copy of supporting information.
5. (e) After January 1, 1994, the reasonable time referred to in subsection (d) of this section is 60 days.

Source Note:The provisions of this §114.7 adopted to be effective January 1, 1993, 17 TexReg 7896.