(a) A health care provider or physician included in a category eligible for insurance coverage by the association is entitled to apply to the association for the coverage. An agent authorized under Chapter 4051 may apply on behalf of an applicant.
(b) The association shall issue a medical liability insurance policy to an applicant:
(1) if the association determines that:
(A) the applicant meets the underwriting standards of the association prescribed by the plan of operation; and
(B) there is no unpaid and uncontested premium, policyholder’s stabilization reserve fund charge, or assessment due from the applicant for prior insurance, as shown by the insured’s failure to pay or to object in writing to the charges on or before the 30th day after the date of the billing; and
(2) on receipt of the premium and the policyholder’s stabilization reserve fund charge, or the portion of the premium and charge prescribed by the plan of operation.