§ 58-16-15. Foreign companies; requirements for admission.
§58‑16‑15. Foreign companies; requirements for admission.
A company organized under thelaws of any other of these United States for the transaction of life insurancemay be admitted to do business in this State if it complies with the otherprovisions of Articles 1 through 64 of this Chapter regulating the terms andconditions upon which foreign life insurance companies may be admitted andauthorized to do business in this State, and, in the opinion of theCommissioner, is in sound financial condition and has policies in force uponnot less than 500 lives for an aggregate amount of not less than five hundredthousand dollars ($500,000). Any life company organized under the laws of anyother country than the United States, in addition to the above requirements,must make and maintain the deposit required of such companies by Article 5 ofthis Chapter. (1899, c. 54, s. 56; Rev., s. 4774; C.S., s. 6456;1945, c. 379; 1991, c. 720, ss. 4, 16.)