Any title insurance company organized under the laws of another State or foreign government shall be licensed to transact a title insurance business within this Commonwealth only if such company is and remains of the same standard of solvency and complies with other requirements fixed by the laws of this Commonwealth for title insurance companies organized and authorized to transact the business of title insurance pursuant to the laws of this Commonwealth. No such company shall be licensed to transact any business within the Commonwealth until it complies with the requisites for doing business as provided in section 301.¹