(a) A small employer health benefit plan issuer may apply to operate as a risk-assuming health benefit plan issuer by filing an application with the commissioner in a form and manner prescribed by the commissioner.
(b) In evaluating an application, the commissioner shall consider the small employer health benefit plan issuer’s:
(1) financial condition;
(2) history of rating and underwriting small employer groups;
(3) commitment to market fairly to all small employers in the state or in the issuer’s established geographic service area; and
(4) experience managing the risk of small employer groups.

(c) The commissioner shall provide public notice of an application and shall provide at least a 60-day period for public comment before making a decision on the application. If the commissioner does not act on the application before the 90th day after the date the commissioner receives the application, the issuer may request and the commissioner shall grant a hearing.