Section 41. (a) No foreign society shall transact any business in the commonwealth without a license from the commissioner. Such society applying for such a license shall file with the commissioner a duly certified copy of its charter or articles of association; a copy of its constitution and by-laws, certified by its secretary or corresponding officer; a power of attorney to the commissioner, as provided in section 42; a statement of its business and the names and addresses of its officers and agents, on oath of its president and secretary, or corresponding officers, in the form required by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state satisfactory to the commissioner; a copy of its certificate of membership; and a certificate from the proper official of its home state, territory, district or country that the society is legally organized.

(b) The society shall also show that the benefits are provided for by periodical or other payments by persons holding similar contracts; that its assets are invested in accordance with the laws of the state or country where it is organized; and that it has the qualifications required of domestic societies on the lodge system incorporated under this chapter. A society which grants benefits for disability arising from accidental injury or from sickness or hospitalization or medical services shall be required to show that it has accumulated funds, usable only for the payment of such benefits and in excess of accrued claims for such benefits, not less in amount than three monthly contributions or one quarterly contribution from members entitled to such benefits. Such society shall further be required, as a condition for the maintenance of its authority to do business in this commonwealth, to maintain at all times after admission, as regards disability, hospitalization and medical service benefits, funds in amount as set forth in the preceding sentence, and shall furnish the commissioner such other information as he may deem necessary for the proper exhibit of its business and plan of working.

(c) Upon compliance with these requirements, such foreign society shall be entitled to a license to transact business in the commonwealth until July 1 of the following year, and such license shall, in compliance with this chapter, be renewed annually, but in all cases to terminate on July 1 of the following year, except that it shall continue in full force and effect until the new license is issued, or is refused after notice and hearing. For every such license or renewal the society shall pay to the commissioner $20.