The Insurance Authority shall take its decision on the application within thirty days from the date of submitting the application, fully completed with all required data and information, and shall notify the applicant of the acceptance or rejection in accordance with the electronic systems prepared for this purpose or other means adopted by the Insurance Authority. In case the decision was to reject the application, then the reason for such decisions must be provided. If the decision was to approve, then the decision shall specify the period of validity of such approval or the Insurance Authority shall restrict its approval with any conditions it deems appropriate for the public interest.