AUTHORIZATION OF FOREIGN MUTUAL INSURANCE COMPANY TO ENGAGE IN BUSINESS

(a) The department shall authorize a foreign mutual insurance company to write the kinds of insurance authorized by the company's charter or articles of incorporation in this state if the company: (1) is solvent as determined under this chapter; (2) files with the department: (A) a copy of the company's bylaws certified by the company's secretary; and (B) a certified copy of the company's charter or articles of incorporation; (3) appoints the commissioner as the company's agent for service of process as provided by Chapter 804; (4) files a financial statement under oath in a form as required by the department; and (5) complies with legal requirements applicable to the filing of documents and the furnishing of information by a stock insurance company that files an application with the department for authority to transact the same kind of insurance as the company. (b) A foreign mutual insurance company's name may not be so similar to a name of a mutual insurance company or foreign mutual insurance company organized or authorized to engage in business in this state that it is confusing or misleading. (c) A foreign mutual insurance company authorized to engage in the business of insurance under this section has, to the same extent, all of the powers granted to and privileges of a mutual insurance company organized and operating under this chapter.