The Director of Insurance may issue an order denying the application for authority to issue variable annuities if:
(1) The applicant has failed to comply with any prerequisite of law for the issuance of such license;
(2) The applicant is insolvent or has failed to submit a satisfactory financial statement;
(3) The applicant's condition or method of operation in connection with the issuance of variable annuities is such as to render its operation hazardous to the public, its shareholders, or other policyholders;
(4) The applicant's previous conduct indicates that it is untrustworthy;
(5) The applicant has attempted to obtain such license through willful misrepresentation or fraud;
(6) The applicant has been denied a similar license in any other state; or
(7) The applicant's license to conduct a similar business has been suspended or revoked in any other state.