1. Upon complying with the provisions of this chapter, a foreign insurance company organized under the laws of any state of the United States other than this state or the laws of any foreign government as a stock company, mutual company, assessment life company, reciprocal, fraternal benefit society may be admitted to transact in this state the kind or kinds of business which a domestic company similarly organized may be authorized to transact under the laws of this state.

2. No insurance company shall transact any business in this state on an admitted basis without first obtaining a certificate of authority issued by the director of the department of commerce and insurance as provided for in this chapter.