(a) A manager and an insurer represented by the manager may enter into a transaction only under a written contract that:
(1) is executed by a responsible officer of both the manager and the insurer;
(2) is approved by the insurer's board of directors or attorney in fact;
(3) specifies the responsibilities of each party;
(4) identifies the rate, terms, and purpose of each commission, charge, or other fee the manager may assess the insurer; and
(5) at a minimum, incorporates the requirements of Sections 4152.202-4152.214.
(b) Not later than the 30th day before the date the insurer assumes or cedes business through the manager, a copy of the executed contract must be filed with the commissioner for approval.