- insurance application--Revocation. The department shall grant or deny the association's application to self - insure within sixty days after a complete application has been filed. However, the time may be extended for an additional thirty days upon fifteen days' prior notice to the applicant. The department shall grant a certificate upon a determination that the association has complied with the requirements of §§ 58-20-25 to 58-20-40 , inclusive, or the department shall issue an order denying a certificate setting forth the reasons for such refusal. Approval of the certificate shall remain effective until voluntarily terminated by the request of the association pursuant to § 58-20-33 or revoked by order of the department. A certificate may be revoked by the department if the association has failed to comply with §§ 58-20-25 to 58-20-40 , inclusive, rules promulgated hereunder, or for a violation of § 58-20-38 . If issued by the department, a certificate authorizes the association to provide workers' compensation benefits and establishes compliance by the association's members with § 62-5-1 .
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