(a) A foreign or alien insurer shall not transact business in this State unless it first obtains from the Commissioner a license authorizing it to do so. Before receiving a license, it shall file with the Commissioner a certified copy of its charter and bylaws, a statement under oath of its president and secretary, showing its financial condition, and any other statements required by the Commissioner.

(b) An insurer making an application or reapplication for an original license to transact business in this State shall pay to the Commissioner a nonrefundable fee of $200.00 for examining, investigating, and processing the application. In addition, each insurer shall pay a license fee for the year of registration and a renewal fee for each year thereafter of $300.00 not including fees for producers licenses and renewals thereof. The annual renewal fee of $300.00 shall be paid on or before March 1.

(c) If the Commissioner is satisfied with the copies and statements that such insurer has complied with the provisions of this part, he or she may grant a license authorizing it to do insurance business by lawfully constituted and licensed agents only, until April 1 thereafter, which license may be renewed. In granting or renewing such license to do business the Commissioner shall consider the criteria established for the approval and certification of domestic insurers hereinabove set forth, within the context of the stated legislative policy. Notwithstanding the provisions of Title 11A, any insurer licensed by the Commissioner under this section may transact insurance business in this State. Such corporations shall not be required to make any annual report except as provided in this title. This section shall not be construed to prohibit residents of this State from procuring insurance at the home office of a foreign insurer. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 2, § 1); amended 1977, No. 148 (Adj. Sess.), § 1, eff. date, see note set out below; 1981, No. 42, § 1; 1993, No. 235 (Adj. Sess.), § 9b, eff. June 21, 1994; 2001, No. 71, § 4, eff. June 16, 2001; 2005, No. 122 (Adj. Sess.), § 8.)