(a) Subject to the special surplus requirements of subsection (b) of section 462 of this title, foreign stock insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital stock in amount not less than the minimum capital required of a domestic insurer authorized to transact like kinds of insurance.
(b) Subject to special surplus requirements provided by subsection (b) of section 462 of this title, alien insurers and foreign mutual insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital funds in amount not less than the minimum capital required of a domestic stock insurer authorized to transact like kinds of insurance; Provided, however, That a foreign or alien insurer which as an authorized insurer has transacted insurance in the state or country of its domicile for less than five years shall not be authorized to transact insurance in this territory unless it possesses, when first so authorized in this territory:
(1) capital stock and surplus, if a foreign stock insurer, in amounts not less than that required under section 451 of this title, of a newly formed domestic stock insurer to transact like kinds of insurance; or
(2) surplus or capital funds, if an alien insurer or foreign mutual insurer, in amount not less than the aggregate of the capital stock and surplus required under section 451 of this title, of a newly formed domestic stock insurer to transact like kinds of insurance.