(1) The commissioner shall either issue a certificate of authority to an applicant under Section 31A-14-201 or issue an order refusing the certificate which explains why he finds that:

1. (a) not all specific requirements of the law have been met, including the requirements of Section 31A-14-209 for an alien insurer;
2. (b) the applicant is not sound, reliable, entitled to public confidence, or cannot reasonably be expected to perform its obligations continuously in the future;
3. (c) the applicant's directors and officers or, in the case of an alien insurer, its United States manager, are not sufficiently trustworthy and competent to engage in the proposed business in this state and to comply with the laws of this state; or
4. (d) the applicant has not been in existence long enough to demonstrate its competence to engage in the proposed business in this state.

(2) If the commissioner finds that the applicant does not comply with all requirements of the law, the commissioner may, after a hearing under Section 31A-2-301, issue a certificate of authority if the purposes of each unsatisfied requirement and the protection of insureds, creditors, and the public in this state are otherwise achieved by:

1. (a) a deposit in trust to be established and maintained under Section 31A-2-206;
2. (b) a bond acceptable to the commissioner conditioned on the satisfaction of the purposes of the requirement;
3. (c) special limits on the applicant's business or methods of operation in this state or elsewhere; or
4. (d) other protective devices satisfactory to the commissioner.