The commissioner may not issue a license to an Alabama Coastal Captive Insurance Company unless the commissioner finds that the:
(1) Coastal captive insurance company is capitalized adequately or properly reinsured or both, after giving due consideration to the business plan, feasibility study, and pro formas, including the level of risk to be retained by the coastal captive insurance company;
(2) Proposed business plan of the coastal captive insurance company provides for a reasonable and expected successful operation and is not hazardous to any policyholder;
(3) Proposed business plan, including any contracts or agreements to which the coastal captive insurance company is a party, and the intended operation of the coastal captive insurance company comply with this chapter and with any other applicable provisions of this title; and
(4) Proposed business plan and intended operation of the coastal captive insurance company satisfy the purpose of this chapter.