Sec 6-1108. Failure to act on application as approval

An application which is not denied or approved by the superintendent within sixty days after the application is filed with the superintendent is deemed to be approved by the superintendent as of the first day after the period. The superintendent and the applicant may extend the sixty day period by agreement. If the superintendent gives notice of a hearing, the sixty day period is extended to the date fixed by order of the superintendent. For the purposes of this section, an application is not deemed filed until all amendments, supplements and additional information required by the superintendent have been received.