(1) All items required to be filed are in proper form, as required by this chapter, and meet the approval of the commissioner;

(2) The applicant is established as a bona fide vision service plan corporation, and the service rendered by the corporation is not an unnecessary duplication of similar services in the community served, and is desirable for public necessity and convenience, and a fair opportunity has been given to all duly licensed optometrists in the area to be served to become participating optometrists;

(3) The solicitations of contracts by the corporation and its conditions or methods of operation are fair and reasonable;

(4) The rates charged are fair, reasonable, adequate and not unfairly discriminatory, and the benefits to be provided are fair, reasonable and not unfairly discriminatory. The rates may differ between subscribers in recognized groups and subscribers not in groups, all subject to the approval of the commissioner;

(5) The amount of money actually available for working capital is sufficient to carry all acquisition costs and operating expenses for a period of at least six (6) months from the date of the issuance of the certificate, or two thousand five hundred dollars ($2,500), whichever amount is larger. Repayment of any working capital obtained through loans, and payment of any interest thereon, shall be permitted only after adequate provisions have been made for operating expenses, payments to participating optometrists and the establishment of legal reserves and other reserves that may be required by the commissioner;

(6) Every vision service corporation shall maintain at all times proper reserves, subject to the approval of the commissioner, for unearned subscription fees and unearned premiums, and for unpaid vision service bills. In addition, a contingency reserve shall be accumulated annually at the rate of not less than two and one half percent (2.5%) of net premium income. When the contingency reserves equal seventy-five thousand dollars ($75,000), or fifty-five percent (55%) of the annual premium income, whichever is higher, further accumulations may be discontinued for any length of time not required to meet the requirements of this subdivision (6);

(7) In the county or counties or areas in which a corporation proposes to operate, fifty-one percent (51%) or more of the resident optometrists have agreed to render vision services for which the corporation agrees to pay, or that at least twenty-five percent (25%) of the optometrists duly licensed to practice in this state have agreed to render vision services for corporations organized or to be organized pursuant to this chapter; and

(8) A provision has been made in the subscription contract authorizing vision services other than by participating optometrists, in which case money benefits shall be provided as specified in the subscription contract, and approved as fair by the commissioner. The certificate of authority issued by the commissioner to operate a vision service plan or plans will be limited by the commissioner to the contracts and practices approved by the commissioner, and may be further limited to the county or counties or areas that the commissioner deems in the public interest.