§ 56-19-118 — Foreign mutual insurance companies admitted if solvent - Requirements for admission

(a) Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any state, district, or territory, shall be admitted and licensed, subject to the approval of the commissioner as provided for in this chapter, 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 when it is solvent under this chapter, and has complied with the following requirements: (1) Filing with the commissioner a certified copy of its charter or articles and a certificate of the supervising insurance official of the state, district, or territory, in which it is incorporated, that it is there organized and authorized to do such business as it desires to transact in this state; (2) Filing with the commissioner a copy of its bylaws certified to by its secretary; (3) Appointing the commissioner its agent for the service of process in any action, suit, or proceeding in any court of this state, which authority shall continue as long as any liability shall remain outstanding in this state; (4) Filing a financial statement under oath, in the form that the commissioner may require, and complying with other provisions of the law applicable to the filing of papers and furnishing information by stock companies on application for authority to transact the same kinds of insurance; (5) If organized without the United States, making and maintaining the deposit required of stock insurance companies formed without the United States transacting the same kinds of insurance; and (6) Its name shall not be so similar to any name already in use by any such existing corporation, company or association organized or licensed in this state as to be confusing or misleading. (b) Upon compliance by any such foreign company with this section, the company shall be licensed and authorized to transact business in this state, subject to all the provisions of law relating to information to and examinations by the commissioner, annual reports, taxes and the renewal of licenses, applicable to stock insurance companies transacting the same kinds of insurance, except as otherwise provided in this chapter.

Legislative History

Acts 1919, ch. 108, § 16; Shan. Supp., § 3369a58b22; Code 1932, § 6334; T.C.A. (orig. ed.), § 56-1718.