§ 85.3. Foreign and alien life insurance companies.
(a) If the statutes or regulations of the place of domicile of a foreign or alien insurance company prevent compliance with any specific provision of this chapter, such insurance company shall so advise the Department in writing.
(b) If the laws or regulations of the place of domicile provide a degree of protection to the policyholders and the public which, in the opinion of the Department, is substantially equal to that provided by the provisions of this chapter, the Department, to the extent deemed appropriate by it, may consider compliance with such laws or regulations to be compliance with this chapter.
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