1. If the director of the department of commerce and insurance finds that the applicant meets the licensing requirements of sections 379.420 to 379.510 applicable to it and is trustworthy and competent to act as a rating organization and that its constitution, articles of agreement or association or certificate of incorporation, and its bylaws, rules and regulations governing the conduct of its business conform to the requirements of sections 379.420 to 379.510, he shall issue a license specifying the kinds of insurance or subdivisions thereof for which the applicant is authorized to act as a rating organization.

2. Every such application shall be granted or denied in whole or in part by the director within sixty days of the date of its filing with him.

3. Licenses issued pursuant to this section shall remain in effect until revoked as provided in sections 379.420 to 379.510.