58-6-40. Time for approval or disapproval of original certificate--Extension--Failure to disapprove deemed approval. Upon the filing and completion of an application for an original certificate of authority, the director shall have sixty days in which to approve the application by issuing an appropriate certificate of authority or to disapprove the application by issuing an order setting forth the grounds for such disapproval. The director may extend such sixty-day period for an additional sixty days by notifying the applicant in writing of such extension. If the application is not approved or disapproved within the time period as set forth above, but in no event to exceed one hundred twenty days, the application shall be deemed to be approved and the director shall thereupon issue the appropriate certificate of authority. The waiting period shall commence as of the date all information and documents required by the director are received.
Source: SL 1966, ch 111, ch 3, § 16 (1).
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