29.0407 Service of process-Interpretation.

The transacting of business in this territory by a foreign or alien insurer without a certificate of authority and the issuance or deliver by such foreign or alien insurer of a policy or contract of insurance to a citizen of this Territory or to a resident hereof, or to a corporation authorized to do business herein, is equivalent to an appointment by such insurer to the Commissioner and his successor or successors in office, to be its true and lawful attorney, upon whom may be served all lawful process in any action, suit or proceeding arising out of such policy or contract of insurance, and the issuance or delivery is a signification of its agreement that any such service or process is of the same legal force and validity as personal service of process in this Territory upon it.

History: 1974, PL 13-58 § 1.