Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-12-02 Corporate name - Restrictions
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The name of a mutual insurance company organized under this chapter must contain the word "mutual". A name which is so similar to any name already in use by any existing corporation, limited liability company, company, or association organized or doing business in this state as t…
N.D.C.C. § 26.1-12-03 Articles of incorporation - Contents
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Persons proposing to form a mutual insurance company under this chapter shall subscribe and acknowledge articles of incorporation specifying: 1. The name of the company and the purpose for which it is to be formed. 2. The location of its principal or home office, which must be wi…
N.D.C.C. § 26.1-12-04 Articles of incorporation - Filing - Issuance of certificate
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The articles of incorporation or amendments thereto of a mutual insurance company organized under this chapter must be submitted to the commissioner. If the commissioner determines the articles or amendments comply with this chapter, the commissioner shall approve the same. The a…
N.D.C.C. § 26.1-12-05 Legal existence - Adoption of bylaws - Transaction of business
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The mutual insurance company has legal existence as of the date of the certificate. The board of directors named in the articles thereafter may adopt bylaws which must be filed with the commissioner, accept applications for insurance, and proceed to transact company business. Ins…
N.D.C.C. § 26.1-12-06 Bylaws of mutual company - Meetings - Notice - Quorum
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The bylaws of any mutual insurance company organized under this chapter must prescribe the manner of notification to members of all corporation meetings of members and must prescribe what constitutes a quorum of members. A quorum is those members present in person or represented …
N.D.C.C. § 26.1-12-08 License required - Prerequisites to issuance of license
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A mutual insurance company organized under this chapter may not issue policies or transact any insurance business unless it holds a license from the commissioner authorizing the transaction of insurance business. The license may not be issued unless and until the company complies…
N.D.C.C. § 26.1-12-11.1 Authority to define products
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The product types found under each of the above lines of insurance are those adopted pursuant to section 26.1-05-02.1. 26.1-12-12. Compliance with general insurance laws - Provisions or conditions in policy. A mutual insurance company organized under this chapter shall comply wit…
N.D.C.C. § 26.1-12-13 Applicability of general insurance laws to mutual companies
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In all respects not specifically provided for in this chapter, mutual insurance companies organized under this chapter are subject to the provisions of this title relating to insurance companies generally. 26.1-12-14. Membership in domestic mutual insurance company - Votes of mem…
N.D.C.C. § 26.1-12-16 Vote by proxy permitted - Manner of voting by proxy
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Members of a mutual insurance company may vote by proxy dated and executed within three months prior to the meeting at which the proxy is to be used when returned and recorded on the books of the company three days or more before the meeting. A person may not as proxy or otherwis…
N.D.C.C. § 26.1-12-17 Members of mutual company entitled to share of net profits
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Repealed by S.L. 1993, ch. 292, § 49. 26.1-12-18. Premiums and contingent liabilities to be stated in bylaws and on policy - Collection of premiums. A mutual insurance company, other than a mutual life insurance company, shall charge and collect the full mutual premium upon its p…
N.D.C.C. § 26.1-12-21 Reserve fund may be established - Limitation - Use
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Any mutual insurance company, at a meeting called for that purpose, may provide for the accumulation of a permanent fund, in an amount determined from time to time by the board of directors, by reserving a portion of the net profits for investment as a reserve for the security of…
N.D.C.C. § 26.1-12-22 Investments
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A mutual insurance company organized under this chapter may invest its assets only in accordance with the provisions of the laws of this state relating to the investment of the assets of domestic stock companies transacting the same kind or kinds of insurance business.
N.D.C.C. § 26.1-12-23 Deficiency in assets - Assessments required
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A mutual insurance company not possessed of assets at least equal to its unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for the deficiency. The assessment must be made against each such member in proportion…
N.D.C.C. § 26.1-12-27 Licensing foreign mutual insurance company - Prerequisites
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Any mutual insurance company organized outside of this state and authorized to transact insurance business on the mutual plan in any state, district, or territory must be admitted and licensed to transact the kinds of insurance authorized by its charter or articles, to the extent…
N.D.C.C. § 26.1-12-28 Annual statements and examinations of mutual insurance companies
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Every mutual insurance company doing business in this state shall make its annual statement and report in the form and submit to the examinations and furnish the information required by the commissioner. As far as practicable, examinations of foreign mutual insurance companies mu…
N.D.C.C. § 26.1-12-29 Dividends payable by mutual insurance company
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Any mutual insurance company writing fire, accident, or other forms of insurance protection on its own motion or at the request of policyholders may pay dividends to the different classes of policyholders based upon the losses sustained as compared with the income received from t…
N.D.C.C. § 26.1-12-30 Determination of dividends
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In determining the rate of dividend due a given trade, occupation, or profession, if the dividend is allowed, the income received and losses sustained must be tabulated for a period of not less than five years immediately preceding the determination of the dividend rate, and the …
N.D.C.C. § 26.1-12-31 Taxable premiums of mutual insurance company
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For the purposes of taxation under the laws of this state, the taxable premiums or premium receipts of a mutual insurance company organized or admitted to do business in this state are the gross premiums received for direct insurance upon property or risks in this state less: 1. …
N.D.C.C. § 26.1-12-32 Demutualization of domestic mutual insurance companies - Rules
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Repealed by S.L. 2015, ch. 209, § 4.