Any mutual insurance company, other than a mutual life company, organized outside of this Commonwealth, and authorized to transact the business of insurance on the mutual plan, may, on application, be admitted to transact the kinds of insurance authorized by its charter or articles of association, to the extent and with the powers and privileges specified in this act, when it shall be solvent under this act and shall have otherwise complied with the provisions of law applicable to such companies. If organized without the United States, it shall make and maintain the deposit required of stock insurance companies formed without the United States transacting the same kind of insurance.

Upon compliance, by any such foreign company, with the provisions of this act, such company may be granted a certificate of authority to transact business in this Commonwealth, subject to all the provisions of law relating to information to and examinations by the Insurance Commissioner, annual reports, taxes, and the renewal of certificates of authority, applicable to stock insurance companies transacting the same kinds of insurance, except as otherwise provided in this article.