If a nonresident applicant is licensed as a risk manager by another state, the District of Columbia, or a commonwealth or territory of the United States, and if the licensing requirements of the licensing jurisdiction were, on the date of the licensing, substantially equal to those prescribed by the Insurance Code, Article 21.14-1, the applicant may receive a license without examination upon submission of an application for risk manager's license, a certificate of good standing from the nonresident's home state, and payment of the license fee.