(a)
(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 Insurance Commissioner.
(2) The contract shall be deemed approved unless disapproved by the commissioner within twenty (20) days after the date of filing, subject to such reasonable extension of time as the commissioner may require by notice given within the twenty (20) days.
(3) Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
(b) The commissioner shall disapprove any contract if he or she finds that it:
(1) Subjects the insurer to excessive charges;
(2) Is to extend for an unreasonable length of time;
(3) Does not contain fair and adequate standards of performance; or
(4) Contains other inequitable provisions which impair the proper interests of stockholders or members of the insurer.
(c) The provisions of this section shall not apply to contracts of domestic licensees governed by the provisions of:
(1) Sections 23-63-514 and 23-63-515 of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq.;
(2) The Managing General Agents Act, § 23-64-401 et seq.; and
(3) Section 23-63-105 concerning service contracts to perform administrative functions.