§ 26.1-11-15 — Defense of action by unauthorized company

Before any unauthorized foreign or alien insurance company may file or cause to be filed
any pleading in any action, suit, or proceeding instituted against it, the company shall deposit
with the clerk of the court in which the action, suit, or proceeding is pending, cash or securities,
or file with the clerk a bond with good and sufficient sureties approved by the court in an amount
fixed by the court sufficient to secure the payment of any final judgment which may be rendered
in the action. The court may, in its discretion, dispense with the deposit or bond if the company
makes a showing satisfactory to the court that it maintains in the United States funds or
securities, in trust or otherwise, sufficient and available to satisfy any final judgment which may
be entered in the action, suit, or proceeding, and that the company will pay any final judgment
rendered without requiring suit to be brought on the judgment in the state where the securities
are located, or procure a certificate of authority to transact insurance business in this state.