§ 108

(Section scheduled to be repealed on January 1, 2027) Sec. 108. Companies that may be admitted to do business. (1) Upon complying with the provisions of this Article, a foreign or alien company organized as a stock company, mutual company, reciprocal, Lloyds or fraternal benefit society may be admitted to transact in this State the kind or kinds of business which a domestic company similarly organized may be authorized to transact under this Code. Any certificate of authority issued to an alien Lloyds shall be subject to all of the provisions of Section 103. (2) No foreign or alien mutual benefit society or burial society shall hereafter be admitted to transact business in this State. (3) No foreign or alien company shall transact in this State any insurance business not classified under Section 4.

Legislative History

(Source: P.A. 82-498 .)