§ 58-24-140. Foreign or alien society – Admission. - North Carolina Statutes

§58‑24‑140.  Foreign or alien society – Admission.

No foreign or alien societyshall transact business in this State without a license issued by theCommissioner.  Any such society desiring admission to this State shall complysubstantially with the requirements and limitations of this Article applicableto domestic societies.  Any such society may be licensed to transact businessin this State upon filing with the Commissioner:

(a)        A duly certifiedcopy of its Articles of Incorporation;

(b)        A copy of its bylaws,certified by its secretary or corresponding officer;

(c)        A power of attorneyto the Commissioner as prescribed in G.S. 58‑24‑170;

(d)        A statement of itsbusiness under oath of its president and secretary or corresponding officers ina form prescribed by the Commissioner, duly verified by an examination made bythe supervising insurance official of its home state or other state, territory,province or country, satisfactory to the Commissioner of this State;

(e)        Certification fromthe proper official of its home state, territory, province or country that thesociety is legally incorporated and licensed to transact business therein;

(f)         Copies of itscertificate forms; and

(g)        Such otherinformation as the Commissioner may deem necessary;

and upon a showing that itsassets are invested in accordance with the provisions of Articles 1 through 64of this Chapter. (1987, c. 483, s. 2; 1991, c. 720, ss. 4, 20.)