§ 58-16-5. Conditions of licensure.
§ 58‑16‑5. Conditions of licensure.
A foreign or alien insurancecompany may be licensed to do business when it:
(1) Deposits with theCommissioner a certified copy of its charter or certificate of organization anda statement of its financial condition and business, in the form and detailthat the Commissioner requires, signed and sworn to by its president andsecretary or other proper officer, and pays for the filing of this statementthe sum required by law.
(2) Satisfies theCommissioner that it is fully and legally organized under the laws of its stateor government to do the business it proposes to transact as direct insurance orassumed reinsurance; that it has, if a stock company, a free surplus and afully paid‑up and unimpaired capital, exclusive of stockholders'obligations of any description of an amount not less than that required for theorganization of a domestic company writing the same kinds of business; and if amutual company that its free surplus is not less than that required for the organizationof a domestic company writing the same kind of business, and that the capital,surplus, and other funds are invested substantially in accordance with therequirements of this Chapter.
(3) Repealed by SessionLaws 1995, c. 517, s. 6.
(4) Repealed by SessionLaws 1987, c. 629, s. 20.
(5) Files with theCommissioner a certificate that it has complied with the laws of the state orgovernment under which it was organized and is authorized to make contracts ofinsurance.
(6) Satisfies theCommissioner that it is in substantial compliance with G.S. 58‑7‑21,58‑7‑26, 58‑7‑30, and 58‑7‑31 and Article13 of this Chapter.
(7) Satisfies theCommissioner that it is in compliance with the company name requirements ofG.S. 58‑7‑35.
(8) Satisfies theCommissioner that the operation of the company in this State would not behazardous to prospective policyholders, creditors, or the general public.
(9) Satisfies theCommissioner that it is in substantial compliance with the requirements of G.S.58‑7‑37 pertaining to the background of its officers and directors.
(10) Files with theCommissioner an instrument appointing the Commissioner as the company's agenton whom any legal process under G.S. 58‑16‑30 may be served. Thisappointment is irrevocable as long as any liability of the company remainsoutstanding in this State. A copy of this instrument, certified by theCommissioner, is sufficient evidence of this appointment; and service upon theCommissioner is sufficient service upon the company. (1899, c. 54, s. 62; 1901,c. 391, s. 5; 1903, c. 438, s. 6; Rev., s. 4747; C.S., s. 6411; 1945, c. 384;1951, c. 781, s. 3; 1985 (Reg. Sess., 1986), c. 1027, s. 32; 1987, c. 629, s.20; 1987 (Reg. Sess., 1988), c. 975, s. 16; 1991, c. 681, s. 24; 1995, c. 193,s. 25; c. 517, s. 6; 1999‑294, s. 7; 2001‑223, s. 14.1; 2009‑172,s. 8.)