§ 58-14-5. Domestic insurers prohibited from transacting business in foreign states without authorization; exceptions.
§58‑14‑5. Domestic insurers prohibited from transacting business inforeign states without authorization; exceptions.
Except as hereinafterprovided, no domestic insurer organized under the laws of this State shalltransact or attempt to transact or solicit business in any manner or acceptrisks in any jurisdiction in which such insurer is not licensed in accordancewith the laws of such jurisdiction. There is excepted from the terms of thissection the following acts and transactions:
(1) Contracts enteredinto by a domestic company insuring a risk within a foreign state orjurisdiction, where the law of the foreign state or jurisdiction permits anunauthorized insurer to so contract;
(2) Contracts enteredinto where the prospective insured is personally present in the state in whichthe insurer is authorized to transact business when he signs the application;
(3) Contracts ofreinsurance between a licensed insurer of the foreign state or jurisdiction anda domestic company;
(4) The issuance ofcertificates under a lawfully transacted group life or group disability policy,where the master policy was entered into in a state in which the insurer wasthen authorized to transact business;
(5) The renewal orcontinuance in force, with or without modification, of contracts otherwiselawful and which were not originally executed in violation of this section. (1967,c. 935, s. 1.)