§ 27-2-22 - Companies owned or controlled in whole or in part by foreign state or government.
SECTION 27-2-22
§ 27-2-22 Companies owned or controlled inwhole or in part by foreign state or government. – No license or certificate of authority to transact any kind of insurancebusiness in this state shall be issued, renewed, or continued in effect to anydomestic, foreign, or alien insurance company or other insurance entity whichis owned or financially controlled in whole or in part by another state of theUnited States or by a foreign government or by any political subdivision,instrumentality, or agency of either, or which is an agency or instrumentalityof any state government or subdivision, unless the company or entity was ownedin this way, controlled, or constituted prior to January 1, 1955, and wasauthorized to do business in this state on or prior to January 1, 1955.