(1) Ningún asegurador por acciones, cooperativo o mutualista del país podrá hacer ningún contrato por el cual se conceda a una persona, o ésta haya de tener de hecho la administración del asegurador o el dominio o derecho de prioridad para producir sustancialmente todo el negocio de seguros para el asegurador, a menos que dicho contrato se presente ante el Comisionado y esté sujeto a su desaprobación. El contrato se considerará vigente, si no lo desaprueba el Comisionado, dentro de treinta días después de la fecha de presentación, sujeto a cualquier prórroga razonable que el Comisionado solicite mediante aviso dado dentro de dichos treinta días. Toda desaprobación se entregará al asegurador por escrito, exponiendo los fundamentos para la misma.
(2) El Comisionado desaprobará cualquiera de dichos contratos si encontrare que:
(a) Impone al asegurador cargos excesivos; o
(b) ha de extenderse por un período de tiempo irrazonable; o
(c) no contiene normas de ejecución justas y adecuadas, o
(d) contiene otras disposiciones injustas o disposiciones que ponen en peligro los intereses legítimos de los accionistas, socios o miembros del asegurador.
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