(a) A “binder” is used to bind insurance temporarily pending the issuance of the policy. Upon the sale of an insurance policy, a binder shall be issued immediately to the insured. No binder shall be valid beyond the issuance of the policy as to which it was given, or beyond 90 days from its effective date, whichever period is the shorter.
(b) If the policy has not been issued a binder may be extended or renewed beyond such 90 days upon the Commissioner's written approval, or in accordance with such rules and regulations relative thereto as the Commissioner may promulgate.