Section 3. Any fund established under section two may be certified to provide insurance in accordance with the provisions of this chapter upon filing an application for certification with the commissioner. Such application shall be on a form provided by the commissioner and shall include such information as he shall require by regulation. The commissioner shall review each application and may, after a hearing in accordance with chapter thirty A, deny any application for the following reasons:
(a) that the application is not on the prescribed form or the information as submitted is not in compliance with regulations promulgated under the provisions of section seventeen;
(b) that the dollar reserve is not in compliance with section eight;
(c) that the trustee is found by the commissioner to be unable to satisfy the standards of performance promulgated by the commissioner pursuant to section two; or
(d) that there was fraud or wilful misrepresentation in providing required written information.
Within sixty days of the date of filing of an application under this section an application shall be deemed approved, unless the commissioner shall schedule a hearing in accordance with chapter thirty A to consider denial thereof and shall hold such hearing within thirty days of such scheduling. The decision of the commissioner shall be rendered within thirty days following such hearing, or the application so filed will be deemed approved.