Any professional association mutual insurance company applying for a certificate of authority to engage in the insurance business in this state shall demonstrate to the satisfaction of the director that adequate insurance markets in the United States are not reasonably available to cover the risks, hazards, and liabilities of the members to be insured for professional practitioners’ errors and omissions or malpractice liability, and that the total insurance coverage necessary to insure such risks, hazards, and liabilities of the members to be insured would develop, in the aggregate, gross annual premiums of at least two hundred fifty thousand dollars.