(1) A foreign insurer that does not have a certificate of authority to do business in this state under Section 31A-14-202 may, in this state, collect premiums and adjust losses and do all other acts reasonably incidental to contracts made outside this state without violating this chapter. Any premiums collected under this section are subject to Section 31A-3-301.
(2) Subsection (1) does not permit a renewal, extension, increase, or other substantial change in the terms of any contract under Subsection (1) unless:
(a) it is permitted under Section 31A-15-103;
(b) the contract is for life or accident and health insurance or annuities; or
(c) a rule adopted by the commissioner permits this action when the interests of the policyholder and the public appear to be sufficiently protected.