SECTION 38-5-10. Insurers must be licensed and supervised; exceptions.

Every insurer doing business in this State must be licensed and supervised by the director or his designee, with the following exceptions: (a) Without excluding other activities which may not constitute doing business in this State, a foreign or alien insurer is not considered to be doing business in this State, for purposes of this chapter, or Chapter 7, 13, 25, or 27, solely by reason of carrying on in this State any one or more of the following activities: (1) Maintaining bank accounts. (2) Creating or acquiring evidences of debt, mortgages, or liens on real or personal property, and enforcing rights in connection therewith in any action or proceeding, whether judicial, administrative, or otherwise. (3) Owning and controlling a subsidiary corporation incorporated in or transacting business within this State. (b) [Reserved]