Section 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.