83-29-29 - Admission of foreign society.
§ 83-29-29. Admission of foreign society.
No foreign society not now authorized to transact business in this state shall transact any business herein without a license from the commissioner of insurance. Any such society shall be entitled to transact business within this state upon filing with the commissioner a duly certified copy of its charter or articles of association; a copy of its constitution and laws, certified by its secretary or corresponding officer; a power of attorney to the commissioner as hereinafter provided; the last annual statement of its business, under oath of its president and secretary or corresponding officers, in the form required by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state satisfactory to the commissioner of insurance of this state; a certificate from the proper official in its home state, province, or country that the society is legally organized; a copy of its insurance contracts, which must show that benefits are provided for by periodical or other payments by persons holding similar contracts; and upon furnishing the commissioner such other information as he may deem necessary to a proper exhibit of its business and plan of working, and upon showing that its assets are invested in accordance with the laws of the states, territory, district, province, or country where it is organized, he shall issue a license to such society to do business in this state until the first day of the succeeding March. Such license shall, upon compliance with the provisions of this chapter, be renewed annually, but in all cases to terminate on the first day of the succeeding March; provided, however, that license shall continue in full force and effect until the new license be issued or specifically refused. Any foreign society desiring admission to this state shall have the qualifications required of domestic societies organized under this chapter, upon a valuation by any one of the standards authorized in this chapter, and shall at the same time possess net cash assets of not less than one hundred thousand dollars ($100,000.00), or net cash assets of not less than fifty thousand dollars ($50,000.00) with also invested assets of not less than one hundred thousand dollars ($100,000.00), and in each case with additional contingent assets of not less than three hundred thousand dollars ($300,000.00); and shall have its assets invested as required by the laws of the state, territory, district, country, or province where it is organized. For each such license or renewal the society shall pay the commissioner twenty-five dollars ($25.00). When the commissioner refuses to license any society, or revokes its authority to do business in this state, he shall reduce his ruling, order, or decision to writing and file the same in his office, and shall furnish a copy thereof, together with a statement of his reason, to the officers of the society, upon request. Nothing contained in this, or the preceding section, or in this chapter, shall be taken or construed as preventing any such society from continuing in good faith all contracts made in this state during the time such society was legally authorized to transact business therein, and such society shall have full right and authority to continue to collect payments from its members, to carry out its contracts, and to perform all the usual functions of said society except that of acquiring and admitting new members in this state after it has either been refused a renewal of its license herein or has voluntarily relinquished said license. Such activities on its part shall not be construed as doing business in said state so as to subject it to any fee, demand, or charge whatsoever from the insurance department or other agency of this state.
Sources: Codes, 1930, § 5245; 1942, § 5759; Laws, 1946, ch. 358, § 1.