§431:3-203  Qualifications for authority. (a)  To qualify for and hold a certificate of authority, an insurer must:

(1)  Be a stock, mutual, or reciprocal insurer of thesame general type as may be formed as a domestic insurer under article 4;

(2)  Have capital funds as required by this code basedupon the type and domicile of the insurer and the classes of insurance whichthe insurer is authorized to transact in its domicile;

(3)  Transact or propose to transact in this Stateinsurances which are among those authorized by its charter, and only suchinsurance as meets the standards and requirements of this code; and

(4)  Fully comply with and qualify according to theprovisions of this code.

(b)  In addition to the requirements insubsection (a), to qualify for and hold a certificate of authority, foreign andalien insurers must have continuously, actively, and successfully transactedthe business of insurance for at least five years immediately prior thereto;provided that in the case of a reorganization (including a merger, corporateacquisition, or formation of a subsidiary) of a capital stock or mutualinsurer, the five-year period shall be computed from the date of theorganization of the original or parent insurer or insurers if substantially thesame management continues. [L 1987, c 347, pt of §2; am L 1997, c 13, §1; am L2001, c 216, §5]