33-7-531. Foreign or alien society -- admission.
215 words·~1 min read·
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33-7-531 . Foreign or alien society -- admission.
(1)A foreign or alien society may not transact business in this state without a license issued by the commissioner of insurance. A foreign or alien society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to domestic societies. A society may be licensed to transact business in this state upon filing with the commissioner:
(a)a certified copy of its articles of incorporation;
(b)a copy of its bylaws, certified by its secretary or corresponding officer;
(c)a statement of its business, under oath of its president and secretary or corresponding officers, in a form prescribed by the commissioner, verified by an examination made by the supervising insurance official of its home state or other state, district, territory, province, or country satisfactory to the commissioner of this state;
(d)certification from the proper official of its home state, district, territory, province, or country that the society is legally incorporated and licensed to transact business in that jurisdiction;
(e)copies of its certificate forms; and
(f)other information the commissioner considers necessary.
(2)A foreign or alien society applying for authority to transact business in this state must have the qualifications required of domestic societies organized under this chapter.