Societies which are now authorized to transact business in this state may continue such business until the first day of January next succeeding the adoption of this chapter, and the authority of such societies may hereafter be renewed annually, but in all cases to terminate on the first day of the succeeding January; provided, however, the license shall continue in full force and effect until the new license is issued or specifically refused. For each such license or renewal the society shall pay the Commissioner of Insurance the fees prescribed in Sections 27-15-83 and 83-5-75.
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