§ 4503. Licensing of foreign and alien societies. (a) The
superintendent may issue a license to do business in this state to any
foreign or alien society which conforms to the requirements for foreign
or alien insurers pursuant to section one thousand one hundred six of
this chapter, other than subsection (e) thereof, and which conforms in
substance to all other requirements imposed on domestic authorized
societies under this chapter. Every such license shall contain the name
of the licensee, its home office address, the state or country under
whose laws it was incorporated and the term of such license. The
superintendent may refuse to issue or renew any such license if in his
judgment such refusal will best promote the interests of the people of
this state. The superintendent may refuse to renew any such license in
addition to, or in lieu of, a proceeding under article seventy-four of
this chapter in the circumstances specified in section four thousand
five hundred nineteen of this article.

(b) Every license, including every renewal license, issued to a
foreign or alien society shall be for a term expiring on April thirtieth
following the date of issuance, but such license shall continue in full
force until a renewal license shall have been issued or shall have been
specifically refused by the superintendent.

(c) No alien society shall be authorized to do business in this state
unless it shall at all times maintain trusteed assets, a trusteed
surplus and a deposit in the United States pursuant to the provisions of
sections one thousand three hundred twelve, one thousand three hundred
fifteen, and one thousand three hundred twenty of this chapter,
respectively. Such trusteed surplus shall be in an amount not less than
four hundred fifty thousand dollars and shall be held in trust for the
security of members in the United States admitted to the society on or
after January first, nineteen hundred forty. The term "policyholders in
the United States" as used in sections one thousand three hundred
twelve, one thousand three hundred fifteen and one thousand three
hundred twenty of this chapter shall be deemed, in the case of
authorized alien societies, to refer to members in the United States
admitted to the society on and after January first, nineteen hundred
forty.