A corporation may contract with any company licensed to transact insurance in this state or any corporation organized pursuant to this title, under which contracts such company agrees, for consideration consisting of a specified premium, to assume the monetary obligations of the prepaid legal insurance contracts issued by the corporation upon the failure of the corporation itself to meet such obligations within the specified period. The corporation shall file each contract with the director, and such contract is subject to the approval of the director as to the fairness of its terms and premiums. Such contracts are deemed approved sixty days after the date of filing them with the director unless, before the expiration of the sixty day period, the director notifies the corporation in writing of the director’s disapproval.