Any of the following acts in this state, effected by mail or otherwise, by any such unauthorized foreign or alien insurer: (1) The issuance or delivery of contracts of insurance to residents of this state; (2) The solicitation of applications for such contracts; (3) The collection of premiums, membership fees, assessments, or other considerations for such contracts; or (4) Any other transaction of insurance business; is equivalent to and shall constitute an appointment by such insurer of the director to be its true and lawful attorney upon whom may be served all statements of charges, notices and lawful process in any proceedings instituted in respect to the misrepresentations set forth in § 58-33-49 under the provisions of the Unfair Trade Practice Act, or in any action, suit, or proceeding for the recovery of any penalty therein provided, and any such act shall be signification of its agreement that such service of statement of charges, notices, or process is of the same legal force and validity as personal service of such statement of charges, notices, or process in this state, upon such insurer.
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