(a) This chapter shall apply to:(1) All insurers domiciled in the Territory, unless exempted pursuant to section 491;(2) All foreign insurers as defined in section 201(2) of this title that are not subject to the requirements and standards as adopted by statute in their jurisdiction of domicile which are substantially similar to those contained in this chapter; and(3) All licensed alien insurers as defined in section 201(3) of this title that are not entered through and licensed to transact insurance in at least one other U.S. jurisdiction that has adopted, by statute, requirements and standards which are substantially similar to those contained in this chapter.
(1) All insurers domiciled in the Territory, unless exempted pursuant to section 491;
(2) All foreign insurers as defined in section 201(2) of this title that are not subject to the requirements and standards as adopted by statute in their jurisdiction of domicile which are substantially similar to those contained in this chapter; and
(3) All licensed alien insurers as defined in section 201(3) of this title that are not entered through and licensed to transact insurance in at least one other U.S. jurisdiction that has adopted, by statute, requirements and standards which are substantially similar to those contained in this chapter.
(b) The exemptions contained in section 491 do not apply to paragraph (3) of subsection (a) of this section.