58-5-121. Approval by director of bulk reinsurance agreement--Disapproval.
The director shall approve such agreement within a reasonable time after such filing unless he finds that it is inequitable to the stockholders or would substantially reduce the protection or service to the policyholders of such domestic insurer. If the director does not approve, he shall so notify the insurer in writing specifying his reasons therefor.
Source: SL 1966, ch 111, ch 16, §40 (2).