(a) No insurer may enter into any exclusive agency contract or management contract unless the contract is first filed with the Insurance Commissioner and not disapproved under this section within thirty (30) days after filing or after such reasonable extended period as the commissioner may specify by notice given within the thirty (30) days.
(b) The commissioner shall disapprove a contract under subsection (a) of this section if the commissioner finds that:
(1) It subjects the insurer to excessive charges;
(2) The contract extends for an unreasonable period of time;
(3) The contract does not contain fair and adequate standards of performance;
(4) The persons empowered under the contract to manage the insurer are not sufficiently trustworthy, competent, experienced, and free from conflict of interest to manage the insurer with due regard for the interests of its insureds, creditors, or the public; or
(5) The contract contains provisions which impair the interests of the insurer's insureds or creditors of the public in this state.
Section: Previous 23-91-207 23-91-208 23-91-209 23-91-210 23-91-211 23-91-212 23-91-213 23-91-214 23-91-215 23-91-216 23-91-217 23-91-218 23-91-219 23-91-220 23-91-221 NextLast modified: November 15, 2016