(a)

(1) No corporation shall commence or continue operation in this state or advertise any plan subject to regulation under this part prior to the issuance to it of a certificate of authority by the commissioner.

(2) Applications for a certificate of authority shall be made on forms prescribed by the commissioner and shall contain such information as the commissioner deems necessary to determine compliance with this part and regulations adopted pursuant to this part.

(b)

(1) Applications shall be accompanied by such supplemental data as the commissioner requires, including, but not limited to:

(A) A charter certified by the secretary of state, together with all amendments to the charter as of the date of the certification;

(B) The bylaws of the corporation;

(C) The proposed plan or plans for payment of scholarships;

(D) Copies of membership certificates, applications and other documents to be used in connection with the operation and administration of the plan;

(E) A financial statement of the corporation; and

(F) The names and addresses of officers and directors of the corporation.

(2) All such data shall be submitted under oath, to be prescribed by the commissioner, taken and subscribed by two (2) officers of the corporation that the facts are true and that documents submitted are truly representative and in use or to be put in use. Proposed changes in the charter, bylaws or forms used, including contracts with educational institutions, shall be submitted to the commissioner for the commissioner's approval at least ten (10) days before the proposed change or use.

(c) The commissioner shall issue a certificate of authority to each qualified applicant if the commissioner finds that:

(1) The applicant has been organized bona fide for the purpose of establishing, maintaining and operating a nonprofit plan in accordance with regulations promulgated by the commissioner;

(2) The plan is fair and reasonable and actuarially capable of providing all or a substantial portion of the educational scholarship needs of members in accordance with representations contained in the plan;

(3) The operation of the plan complies with § 49-4-108 and regulations of the commissioner respecting the security of scholarship funds; and

(4) The applicant has paid a filing fee of ten dollars ($10.00), which fee shall be deposited in the general revenue fund unallocated.