83-31-39 - Admission of foreign mutual companies.
§ 83-31-39. Admission of foreign mutual companies.
Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any state, district, or territory, except foreign mutual life insurance companies doing business upon the legal reserve plan, shall be admitted and licensed to transact the kinds of insurance authorized by its charter or articles of association to the extent and with the powers and privileges specified in this chapter when it shall be solvent under this chapter and shall have complied with the following requirements:
(a) Filed with the commissioner a certified copy of its charter or articles of association;
(b) Filed with the commissioner a copy of its bylaws certified to by its secretary;
(c) Appointed the commissioner its agent for the service of process in any action, suit, or proceedings in any court of this state, which authority shall continue as long as any liability shall remain outstanding in this state;
(d) Filed a financial statement under oath, in such form as the commissioner may require, and have complied with other provisions of law applicable to the filing of papers and furnishing information by stock companies on application for authority to transact the same kind of insurance.
(e) If organized without the United States, make and maintain the deposit required of stock insurance companies formed without the United States transacting the same kind of insurance. Upon compliance by any such foreign company with the provisions in this section, such company shall be licensed and authorized to transact business in this state, subject to all the provisions of law relating to information to and examinations by the commissioner, annual reports, taxes, and the renewal of license applicable to stock insurance companies transacting the same kind of insurance, except as otherwise provided in this chapter.
Sources: Codes, Hemingway's 1921 Supp. § 5209p; 1930, § 5287; 1942, § 5801; Laws, 1918, ch. 157.