3.__Additional information.__The superintendent shall notify the special purpose reinsurance vehicle organizer if any additional information is needed in order to review the application and shall approve or deny the application within 60 days after determining that the application is complete.

A.__The superintendent shall approve the application and issue a limited certificate of authority under this section if the superintendent finds that:

(1)__The proposed plan of operation provides a reasonable expectation of a successful operation;

(2)__The terms of the contract and related transactions comply with this subchapter and any applicable rules adopted by the superintendent;

(3)__The proposed plan of operation is not hazardous to any ceding insurer or to policyholders; and

(4)__The insurance regulator of the state of domicile of each ceding insurer has notified the superintendent in writing that it has not disapproved the transaction.__ The superintendent may waive this requirement for a ceding insurer whose domiciliary state does not have a substantially similar law if the superintendent finds that the domiciliary regulator has had notice and adequate opportunity to review the proposal and has not objected.

B.__In evaluating the expectation of a successful operation, the superintendent shall consider, among other factors, whether the proposed organizer, directors and officers of the proposed special purpose reinsurance vehicle are of good character and not reasonably believed to be affiliated, directly or indirectly, through ownership, control, management, reinsurance transactions or other insurance or business relations, with any person known to have been involved in the improper manipulation of assets, accounts or reinsurance.

C.__If the superintendent denies the application or if the superintendent withholds consent to a proposed transaction