Management contract; approval

a. An insurer who obtains a certificate of authority in accordance with the provisions of section 4 of this act may not enter into any management contract, unless the contract is first filed with the commissioner and not disapproved under this section. b. The commissioner shall disapprove a contract under subsection a. of this section if he finds that: (1) It subjects the insurer to excessive charges; or (2) The contract extends for an unreasonable period of time; or (3) The contract does not contain fair and adequate standards of performance; or (4) The persons empowered under the contract to manage the insurer are not sufficiently trustworthy, competent, experienced and free from conflict of interest to manage the insurer with due regard for the interests of its insureds, creditors or the public; or (5) The contract contains provisions which impair the interests of the insurer's insureds or creditors or the public. L.1981, c. 160, s. 8.