33-3-309. Management and exclusive agency contracts. (1) No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer unless the contract is filed with and approved by the commissioner. The contract shall be deemed approved unless disapproved by the commissioner within 20 days after date of filing, subject to such reasonable extension of time as the commissioner may require by notice given within such 20 days. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
     (2) The commissioner shall disapprove any such contract if he finds that it:
     (a) subjects the insurer to excessive charges;
     (b) is to extend for an unreasonable length of time;
     (c) does not contain fair and adequate standards of performance; or
     (d) contains other inequitable provision or provisions which impair the proper interests of stockholders or members of the insurer.

     History: En. Sec. 441, Ch. 286, L. 1959; R.C.M. 1947, 40-4724.