 in order to act as such. Application must be made on a form prescribed by the Commissioner. Before approving the application, the Commissioner must find that the applicant has: (a) Paid [the fee] all applicable fees prescribed for the license and a fee established by the Commissioner of not more than $00 for deposit in the Insurance Recovery Account, neither of which may be refunded; (b) Designated a natural person who is licensed as a producer of insurance 