(a) No person may receive, hold, control, or manage any funds tendered as payment on any ambulance service contract until such person has a subsisting certificate of authority issued by the Commissioner. The certificate of authority shall expire on December 31st succeeding its issuance; and annually thereafter, on or before December 31st, a renewal shall be issued under conditions herein set forth.
(b) An insurer authorized to transact property or casualty insurance in the territory may transact an ambulance service contract business without qualification or authority subject to the applicable provisions of this chapter.