No stock or mutual insurance company or association of any other State or foreign government shall be admitted and authorized to do business until:
(e) It shall have actually engaged in doing an insurance business, by solicitation of insurance through agents, brokers or by mail; by assumption and underwriting of risks; by acceptance of applications for and issuance of and delivery of policies, certificates or contracts of insurance; by collection of premiums or assessments or their equivalent; by investigation, adjustment and payment of claims and losses; by filing annual financial statements and other reports and documents required by proper regulatory bodies or agencies and by complying with applicable insurance statutory enactments, in its state of domicile for a minimum period of at least one year immediately preceding its seeking admission to this Commonwealth. The requirements of this clause may be partly or entirely waived by the Insurance Commissioner with respect to any company or association which is affiliated with one or more insurers already authorized to do business in Pennsylvania. Any company or association which shall neglect or refuse to file such statement shall be subject to a penalty of five hundred dollars ($500.00), which penalty shall be collected, on an account settled by the Auditor General and State Treasurer, in the same manner as taxes on stock are settled and collected.