State Codes and Statutes
Statutes > North-carolina > Chapter_58 > GS_58-25-25§58‑25‑25. Conditions precedent to doing business.
Any such fraternal order,society, or association as defined by this Article, chartered and organized inthis State or organized and doing business under the laws of any other state,district, province, or territory, having the qualifications required ofdomestic societies of like character, upon satisfying the Commissioner that itsbusiness is proper and legitimate and so conducted, may be admitted to transactbusiness in this State upon the same conditions as are prescribed by Articles 1through 64 of this Chapter for admitting and authorizing foreign insurancecompanies to do business in this State, except that such fraternal orders shallnot be required to have the capital required of such insurance companies. Organizers or agents shall be licensed without requiring an examination;provided, organizers or agents who are engaged in or intend to engage in thesale of individual policies of life insurance shall take the examinationrequired of life insurance agents. Those organizers or agents licensed for thesale of insurance pursuant to former G.S. 58‑268 as of July 1, 1977,shall be exempt from examination. (1987, c. 483, s. 2; 1991, c.720, s. 4.)
