Domestic insurer--Management and exclusive agency contracts, disapproval by director, grounds

The director shall disapprove any such contract if he finds that it: (1) Subjects the insurer to excessive charges; or (2) Is to extend for an unreasonable length of time; or (3) Does not contain fair and adequate standards of performance; or (4) Contains any provision which the director deems detrimental to the best interests of stockholders or members of the insurer. Source: SL 1966, ch 111 , ch 16, § 23 (2).