If at any time the director determines that any material transaction entered into between an insurer and any of its affiliates does not meet the standards set out in Alaska Stat. § 21.22.080, the director may, after hearings conducted in accordance with Alaska Stat. Chapter 21.06, require the insurer and the affiliate to terminate, set aside, or modify the transaction as considered appropriate by the director to make the transaction conform to those standards. An insurer may submit a proposed material transaction to the director for review and the director may issue an opinion that the transaction meets the standard set out in Alaska Stat. § 21.22.080. The opinion creates a rebuttable presumption that neither the insurer, director, officer, employee, nor agent committed a wilful violation of this chapter by entering into the transaction. The opinion does not prohibit the director from subsequently exercising authority under this section.