§ 4108. Foreign and alien mutual companies; licensing. (a) No foreign
or alien mutual property/casualty insurance company shall be granted a
license to do business in this state unless it substantially complies
with all of the requirements set forth in this chapter for a domestic
mutual property/casualty insurance company licensed to write the same
kind or kinds of insurance.

(b) No alien mutual property/casualty insurance company shall be
authorized to do business in this state unless it maintains a trusteed
surplus, as required by section one thousand three hundred twelve of
this chapter, at least equal to the surplus to policyholders required to
be maintained by a domestic stock property/casualty insurance company
licensed to write the same kind or kinds of insurance.

(c) The financial requirements specified in subsections (a) and (b)
hereof shall be reduced by fifty percent for a foreign or alien mutual
property/casualty insurance company initially licensed to do business in
this state prior to July first, nineteen hundred eighty-two, but such
reduction shall not apply to such a foreign or alien insurer licensed
under subsection (c) of section four thousand one hundred two of this
article to reinsure risks or write insurance on risks outside the United
States, its territories and possessions. Such reduction shall also not
apply to the amounts required in order to write paragraph twenty-two,
twenty-four or twenty-six of subsection (a) of section one thousand one
hundred thirteen of this chapter.