Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-12.1-01 Definitions
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As used in this chapter, unless the context or subject matter otherwise requires: 1. "Commissioner" means the insurance commissioner. 2. "Domestic mutual insurance company" or "mutual insurance company" means a mutual insurance company incorporated under the laws of this state pu…
N.D.C.C. § 26.1-12.1-02 Mutual insurance holding company - Formation
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A domestic mutual insurance company, upon approval of the commissioner, may reorganize by forming an insurance holding company based upon a mutual plan and continuing the corporate existence of the reorganizing insurer as a stock insurance company. The commissioner, if satisfied …
N.D.C.C. § 26.1-12.1-03 Mutual insurance holding company - Merger
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A domestic mutual insurance company, upon the approval of the commissioner, may reorganize by merging its policyholders' member interests into a mutual insurance holding company formed according to section 26.1-12.1-02 and continuing the corporate existence of the reorganizing in…
N.D.C.C. § 26.1-12.1-04 Plan of reorganization - Contents
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No insurer authorized to do business in this state may take part in a reorganization unless the reorganization has first been approved by the commissioner in accordance with this chapter. A reorganizing insurer shall file a plan of reorganization consistent with the requirements …
N.D.C.C. § 26.1-12.1-05 Retention of experts
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The commissioner may retain, at the reorganizing insurer's reasonable expense, any qualified experts if the commissioner determines that staff not otherwise a part of the commissioner's staff is necessary to assist in reviewing the plan.
N.D.C.C. § 26.1-12.1-06 Hearing by commissioner - General duties
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The commissioner shall conduct a public hearing regarding a proposed reorganization plan within sixty days after submission of a completed plan of reorganization to the commissioner, unless the commissioner and reorganizing insurer agree to extend the sixty days or unless the com…
N.D.C.C. § 26.1-12.1-07 Action by commissioner
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Within sixty days after the conclusion of the public hearing, or within the sixty days after filing the plan of reorganization if by mutual agreement the hearing is waived, unless there is a mutual agreement by the commissioner and the reorganizing insurer to extend such time, th…
N.D.C.C. § 26.1-12.1-08 Notice to eligible members
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Following approval or conditional approval of the plan by the commissioner, all eligible members shall be given notice of a regular or special meeting of the policyholders called for the purpose of considering the plan and any corporate action that is a part of, or is reasonably …
N.D.C.C. § 26.1-12.1-09 Approval by eligible members
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The plan of reorganization must be adopted upon receiving the affirmative vote of a majority of the votes cast by eligible members. Eligible members may vote in person or by proxy. The form of any proxy along with a copy or summary of the plan which accompanied the notice to elig…
N.D.C.C. § 26.1-12.1-10 Applicability of certain provisions
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A mutual insurance holding company is deemed to be an insurer subject to chapter 26.1-06.1 and is automatically a mandatory party to any proceeding under that chapter involving an insurance company that, as a result of a reorganization according to section 26.1-12.1-02 or 26.1-12…
N.D.C.C. § 26.1-12.1-11 Membership interest
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A membership interest in a domestic mutual insurance holding company does not constitute a security as defined in section 10-04-02. No member of a mutual insurance holding company may transfer or pledge membership in the mutual insurance holding company or any right arising from …
N.D.C.C. § 26.1-12.1-12 Sale of stock and payment of dividends
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No solicitation for the sale of any of the stock of the reorganized insurer, or of an intermediate stock holding company of the mutual insurance holding company, may be made without the commissioner's prior written approval. Dividends and other distributions to the shareholders o…
N.D.C.C. § 26.1-12.1-13 Incorporation
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A mutual insurance holding company resulting from the reorganization of a domestic mutual insurance company must be incorporated under chapter 10-33. The articles of incorporation of the mutual insurance holding company are subject to approval of the commissioner in the same mann…
N.D.C.C. § 26.1-12.1-14 Applicability
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This chapter does not apply to any mutual insurance company that was formerly organized as a nonprofit health service corporation.
N.D.C.C. § 26.1-12.1-15 Foreign mutual insurance holding company - Reorganization
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A domestic mutual insurance company may reorganize with a foreign mutual insurance holding company that is created or exists under the laws of another state by complying with chapter 26.1-12.1. The commissioner may waive any provision of chapter 26.1-12.1 if the commissioner dete…
N.D.C.C. § 26.1-12.1-16 Existing domestic mutual insurance holding company - Reorganization
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An existing domestic mutual insurance holding company, with the prior approval of the commissioner pursuant to, and under the provisions of section 26.1-12.1-06, may: 1. Acquire direct or indirect ownership of a foreign mutual insurance company as a reorganizing insurer in compli…
N.D.C.C. § 26.1-12.1-17 Concurrent reorganization - Domestic or foreign
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The concurrent reorganization of a domestic mutual insurance company with one or more mutual insurance companies, whether domestic or foreign, into a single mutual insurance holding company structure, whether domestic or foreign, may be accomplished by a joint application and a j…