Section 431:4-109 - Permit issued or denied(a) The commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary.(b) The commissioner shall give notice to the applicant that the commissioner will issue a solicitation permit, stating the terms to be contained therein, if the commissioner finds: (1) The application is complete;(2) The documents therewith filed are equitable in terms and proper in form;(3) The agreements made or proposed are equitable to present and future shareholders, subscribers, members, or policyholders; and(4) None of the persons named in the application as being associated or to be associated with the formation of the insurer or corporation is untrustworthy.(c) After such notice, the commissioner shall issue to the applicant a solicitation permit upon the applicant's filing of the following:(1) The bond required by section 431:4-110; and(2) The articles of incorporation of the incorporated insurer or other corporation with the department of commerce and consumer affairs and upon presentation of evidence of such filing to the commissioner.(d) If the commissioner denies the application for a solicitation permit, the commissioner shall give notice to the applicant that the permit will not be granted, state the grounds therefor, and refund to the applicant all sums so deposited except the application fee.