Any mutual insurance company organized outside of this state and authorized to transact
insurance business on the mutual plan in any state, district, or territory must be admitted and
licensed to transact the kinds of insurance authorized by its charter or articles, to the extent and
with the powers and privileges specified in this chapter and subject to all the provisions of law
relating to information to, and examinations by, the commissioner, the making of annual reports,
the payment of taxes, and the renewal of licenses applicable to stock insurance companies
transacting the same kinds of insurance business except as otherwise provided in this chapter,
when it is solvent under this chapter and when it has:
1.Filed with the commissioner a certified copy of its charter or articles of as
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Any mutual insurance company organized outside of this state and authorized to transact
insurance business on the mutual plan in any state, district, or territory must be admitted and
licensed to transact the kinds of insurance authorized by its charter or articles, to the extent and
with the powers and privileges specified in this chapter and subject to all the provisions of law
relating to information to, and examinations by, the commissioner, the making of annual reports,
the payment of taxes, and the renewal of licenses applicable to stock insurance companies
transacting the same kinds of insurance business except as otherwise provided in this chapter,
when it is solvent under this chapter and when it has:
1. Filed with the commissioner a certified copy of its charter or articles of association;
2. Filed with the commissioner a copy of its bylaws certified by its secretary;
3. Appointed the commissioner its agent for the service of process in any action, suit, or
proceeding in any court of this state, for as long as any liability remains outstanding in
this state;
4. Filed a financial statement under oath, in the form required by the commissioner, and
complied with other provisions of law applicable to the filing of papers and furnishing
information by stock companies on application for authority to transact the same kind
of insurance business;
5. Made and maintained, if organized without the United States, the deposit required of
stock insurance companies formed without the United States transacting the same
kinds of insurance business;
6. Adopted a name which is not so similar to a name already in use by an existing
corporation, limited liability company, company, or association organized or licensed in
this state as to be confusing or misleading; and
7. Accumulated assets in excess of all of its liabilities in an amount not less than five
hundred thousand dollars, except if the minimum surplus requirement for the company
is more than the minimum requirement provided by this subsection at the time the
company was originally issued a license to do business, the company may maintain
surplus which satisfies the requirements in effect at that time.