58-5B-5. Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.
Any mutual insurer organized under laws substantially similar to this chapter of another state, for the purpose of transacting the kind of business described in this chapter may upon application and without prior operating experience or examination, be admitted to solicit applications, and if the necessary number is obtained, do business in this state if the director finds such admission is in the public interest; and shall thereafter make all reports and be subject to taxation, examination, and supervision by the director of insurance to the same extent and in the same manner as are other foreign insurers.
Source: SL 1976, ch 315, §5.