(1) No credit shall be allowed to any insurer, as an asset or as a deduction from liability for reinsurance ceded to an alien insurer, other than under a contract of ocean marine insurance, covering a subject of insurance resident, located, or to be performed in this territory unless the alien insurer—(1) is authorized to transact insurance in a state of the United States; and(2) maintains an adequate guaranty deposit in a state of the United States for the protection of its insurance obligees in the United States; or(3) has an attorney in fact resident in the United States upon whom service of legal process may be made.
(1) is authorized to transact insurance in a state of the United States; and
(2) maintains an adequate guaranty deposit in a state of the United States for the protection of its insurance obligees in the United States; or
(3) has an attorney in fact resident in the United States upon whom service of legal process may be made.