§ 58-14-5. Domestic insurers prohibited from transacting business in foreign states without authorization; exceptions.
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§ 58-14-5. Domestic insurers prohibited from transacting business in foreign states without authorization; exceptions.
Except as hereinafter provided, no domestic insurer organized under the laws of this State shall transact or attempt to transact or solicit business in any manner or accept risks in any jurisdiction in which such insurer is not licensed in accordance with the laws of such jurisdiction. There is excepted from the terms of this section the following acts and transactions:
(1)Contracts entered into by a domestic company insuring a risk within a foreign state or jurisdiction, where the law of the foreign state or jurisdiction permits an unauthorized insurer to so contract;
(2)Contracts entered into where the prospective insured is personally present in the state in which the insurer is authorized to transact business when he signs the application;
(3)Contracts of reinsurance between a licensed insurer of the foreign state or jurisdiction and a domestic company;
(4)The issuance of certificates under a lawfully transacted group life or group disability policy, where the master policy was entered into in a state in which the insurer was then authorized to transact business;
(5)The renewal or continuance in force, with or without modification, of contracts otherwise lawful and which were not originally executed in violation of this section. (1967, c. 935, s. 1.)