No such company shall transact insurance in West Virginia
except as authorized by a license issued by the commissioner.
Such company shall apply to the commissioner for such license and
shall file with such application a certified copy of its charter
and bylaws, together with applications from residents of this
state for not less than one hundred thousand dollars of insurance
of the type such companies are permitted to transact on property
located in this state. The term of such license, renewal,
refusal to license, revocation, suspension or penalty in lieu
thereof, and reissuance, shall be governed by the provisions of
sections eight, nine, ten, and eleven, of article three of this
chapter, in the same manner that such sections are applicable to
insurers generally, to the extent such provisions are not
inconsistent with the provisions of this article.