The commissioner shall approve or deny the application for a certificate of authority within thirty (30) days after the application has been filed. The commissioner shall approve the application if:

(1) The capital and surplus have been fully paid in cash;
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Terms Used In Tennessee Code 45-2-214

(2) Appropriate bylaws have been adopted;
(3) Any conditions imposed by the commissioner in granting the charter have been fulfilled;
(4) The requirements of this chapter and chapter 1 of this title have been satisfied; and
(5) An amount of fidelity bond coverages satisfactory to the commissioner is in force.
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