Foreign insurance companies, upon complying with the conditions applicable to such companies, may be admitted to transact in this state, by constituted agents resident therein, any class of insurance authorized by the laws now or hereafter in force relative to the duties, obligations, prohibitions, and penalties of insurance companies, and shall be subject to all laws applicable to the transaction of such business by foreign insurance companies and their agents. No provision of law which by its terms applies specifically to domestic life insurance companies shall thereby become applicable to foreign life insurance companies; and in the case of life insurance companies, the residence requirement shall not apply to agents who are residents of other states which permit residents of Mississippi to be licensed therein.
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