(a) No incorporated domestic insurer shall enter into any contract the effect of which would be to grant or surrender the control and management of the insurer to any person.
(b) No incorporated domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the controlling or preemptive right to produce substantially all insurance business for the insurer unless such contract is filed with and approved by the Commissioner. The contract shall be deemed approved unless disapproved by the Commissioner within 60 days after date of filing. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
(c) The Commissioner shall not approve any contract referred to in subsection (b) of this section which—
(1) subjects the insurer to excessive charges for expenses or commissions;
(2) vests in any person any control over the general affairs of the insurer tantamount to the exclusion of control by its board of directors or officers;
(3) is to extend for an unreasonable length of time; or
(4) contains other inequitable provisions or provisions which may jeopardize the security of policyholders.