§ 1102. Insurer's license required; issuance. (a) No person, firm,\nassociation, corporation or joint-stock company shall do an insurance\nbusiness in this state unless authorized by a license in force pursuant\nto the provisions of this chapter, or exempted by the provisions of this\nchapter from such requirement. Any person, firm, association,\ncorporation or joint-stock company which transacts any insurance\nbusiness in this state while not authorized to do so by a license issued\nand in force pursuant to this chapter, or exempted by this chapter from\nthe requirement of having such license, shall, in addition to any other\npenalty provided by law, forfeit to the people of this state the sum of\none thousand dollars for the first violation and two thousand five\nhundred dollars for each subsequent violation.\n (b) No corporation organized under any law of this state shall do an\ninsurance business outside this state unless so authorized pursuant to\nthe provisions of this chapter or exempted by the provisions of this\nchapter from such requirement.\n (c) Every insurer organized prior to the first day of October,\neighteen hundred ninety-two, as an insurer under any general or special\nlaw of this state which was doing an insurance business in this state\nimmediately prior to the first day of January, nineteen hundred forty in\ncompliance with the insurance law then in force and not as an\norganization exempted therefrom, shall be deemed licensed to do an\ninsurance business in this state, subject to this chapter.\n (d) Except as otherwise provided in subsection (h) hereof, the\nsuperintendent may issue a license to any insurer to do in this state\nthe kinds of insurance business for which such insurer is qualified\nunder the provisions of this chapter and under its charter. Every such\nlicense shall contain the name of the licensee, its home office address,\nthe state or country under whose laws it was organized, the kinds of\ninsurance business, as defined in this chapter, which it is authorized\nto do in this state, and the term of such license. The superintendent\nmay refuse to issue or renew any such license if in his judgment such\nrefusal will best promote the interests of the people of this state.\n (e) (1) Before licensing any such corporation organized under section\none thousand two hundred one of this chapter, to do any insurance\nbusiness, the superintendent shall:\n (A) If such corporation be a stock corporation, cause an examination\nto be made into its affairs in accordance with the provisions of this\nchapter; and if it appears from the report upon such examination that\nthe amount of capital and surplus required by law has been paid in and\nis possessed by the corporation in cash or in investments permitted by\nthis chapter as minimum capital or minimum surplus to policyholder\ninvestments under section one thousand four hundred two of this chapter,\nthe superintendent shall file such report in his office and notify the\ncorporation thereof;\n (B) If such corporation be a mutual corporation, require proof (by\nstatements of at least three incorporators subscribed and affirmed by\nsuch incorporators as true under the penalties of perjury, and by such\ninvestigation or examination of the affairs of such corporation as he\nmay deem it expedient to make pursuant to the provisions of this\nchapter) that:\n (i) the corporation has fully complied with the applicable provisions\nof this chapter,\n (ii) it has the required initial surplus in cash or investments as\nprescribed in this chapter,\n (iii) it has the required number and amount of bona fide applications\nfor insurance as prescribed in this chapter,\n (iv) the membership list is genuine, and\n (v) every member has paid in cash the required premium on the\ninsurance applied for and will take the policies as agreed within sixty\ndays after a license has been issued to such corporation.\nIf the superintendent finds such proof of the foregoing facts
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