No insurance company shall transact any insurance business in this state unless it has received a certificate of authority from the Department of Insurance to do so. This certificate shall expire on the last day of April in each year and shall be renewed annually if the company has continued to comply with the laws of this state and the rules and regulations of the department. Authority to do an insurance business shall be refused any company which contracts to pay or does pay any part of the premiums arising from insurance it has written or may write as compensation, directly or indirectly, for promoting or organizing the company.
Laws 1913, c. 154, § 31, p. 412; R.S.1913, § 3167; Laws 1919, c. 190, tit. V, art. IV, § 2, p. 591; C.S.1922, § 7767; C.S.1929, § 44-302; R.S.1943, § 44-303; Laws 195