§ 10-3-126 — Alien insurers

(1) Any alien insurer, as defined in section 10-3-301
(1), may be admitted to do business in this state by qualifying and establishing an
administrative office in this state and maintaining its corporate and insurance
records in the United States for insurance of risks primarily in the United States of
America, its territories, and its possessions and by complying with all of the
requirements of law related to the organization and licensing of a domestic insurer
of the same type.

(2) Any alien insurer, as defined in section 10-3-301 (1), which is authorized to
do business (whether as an admitted company or nonadmitted company) for the
purpose of writing insurance may become a domestic insurer by complying with all
of the requirements of law relative to the organization and licensing of a domestic
insurer of the same type and by making its principal place of business at a place in
this state. Said domestic insurer shall be entitled to like certificates and licenses to
transact business in this state and shall be subject to the authority and jurisdiction
of this state.

Legislative History

Source: L. 89: Entire section added, p. 444, � 1, effective April 19.