Section 376.675 - Life insurance policies and annuity contracts to be approved - exemption, when - director's powers - judicial review of disapproval1. No policy of life insurance or contract of annuity shall be delivered or issued for delivery to any person in this state unless the policy or contract shall have been filed with and approved by the director of the department of commerce and insurance.2. The director of the department of commerce and insurance shall have authority to make reasonable rules and regulations concerning the procedure for the filing and submission of policy or contract forms as are necessary, proper or advisable. The director shall approve or disapprove a policy or contract form within forty-five days after the filing and submission thereof. The failure of the director of the department of commerce and insurance to take action approving or disapproving a submitted policy or contract form within the stipulated time shall be deemed an approval thereof until such time as the director of the department of commerce and insurance shall notify the submitting company of his disapproval thereof.3. The director of the department of commerce and insurance shall approve only those forms which are in compliance with the insurance laws of this state and which contain such words, phraseology, conditions and provisions with are specific, certain and unambiguous and reasonably adequate to meet needed requirements for the protection of those insured. If any policy or contract form is disapproved, the reasons therefor shall be based upon the requirements of the laws of this state or of any regulation lawfully promulgated thereunder, and shall be stated in writing and a notification thereof shall be sent to the submitting company. The director shall accord a hearing upon a disapproval, if so requested. The disapproval of any policy or contract form by the director shall be subject to judicial review as provided in chapter 536.4. The director of the department of commerce and insurance may, by order or bulletin, exempt from the approval requirements of this section for so long as he deems proper any insurance policy, document, or form or type thereof, as specified in such order or bulletin, to which, in his opinion, this section may not practicably be applied, or the approval of which is, in his opinion, not desirable or necessary for the protection of the public.L. 1963 p. 497 §§ 1, 2, A.L. 1984 S.B. 592