Title 26.1, Insurance

A county mutual insurance company may make bylaws, not inconsistent with the constitution or laws of this state, necessary to provide for the management of the company's affairs in accordance with this chapter and to prescribe the duties of the company's officers. Bylaws may be r…

The articles of incorporation of a county mutual insurance company may be amended, and its bylaws adopted, amended, or repealed, at any annual meeting of the company, or at any special meeting called for that purpose, by the affirmative vote of two-thirds of the members voting on…

The general management of the business of a county mutual insurance company must be vested in a board of directors consisting of no fewer than five members nor more than fifteen members. The members of the board must be elected by the members of the company at the annual meeting …

The board of directors shall elect a president and a vice president from the board and shall select a secretary and a treasurer who may or may not be members of the company. The offices of secretary and of treasurer may be held by one person. The secretary and the treasurer shall…

Any person owning property within the limits of the territory within which a county mutual insurance company is authorized to transact business may become a member of the company and entitled to all of the rights and privileges appertaining thereto by insuring therein. A person w…

Every person insured by a county mutual insurance company is a member while the policy is in force. The member is entitled to one vote per policy only and must be notified of the time and place of the holding of the meetings of the company by written notice or by an imprint on th…

The annual meeting of a county mutual insurance company must be held following notice of a prescribed date, time, and place unless notice is provided otherwise in the bylaws of the company. Twenty members constitute a quorum for the transaction of business at an annual meeting.

A county mutual insurance company has the powers and is subject to the liabilities and duties of other insurance companies, except: 1. If the company is organized by the residents of a single county, the name of the county together with the word "county" must be embraced in the c…

In all respects not specifically provided for in this chapter, county mutual insurance companies are subject to the provisions of this title relating to insurance companies generally.

A county mutual insurance company may insure against loss or damage by fire; lightning; cyclone; windstorm; tornado; hail, except upon growing crops; any insured hazard upon livestock; explosion, except the explosion of steam boilers and flywheels; riot; riot attending a strike; …

1. A county mutual insurance company may not insure any property beyond the company's authorized territory of operation except as provided in subsection 2 of section 26.1-13-12 and except that this territorial limitation does not apply to reinsurance contracts. 2. A policy may no…

Any county mutual insurance company may make insurance contracts against loss, expense, or liability by reason of bodily injury or death by accident, disability, sickness, or disease suffered by others for which the insured may be liable or may have assumed liability, except no l…

A county mutual insurance company may classify the property insured by the policies at the time of issuance under different rates corresponding, as nearly as may be, to the greater or lesser risk from fire or lightning and loss which may attach to each of the buildings insured.

The maximum amount of insurance which a county mutual insurance company may retain on a single risk other than under a liability insurance contract, after deduction of applicable reinsurance, may not exceed ten percent of the admitted assets of the company or thirty thousand doll…

Upon approval by the commissioner, any county mutual insurance company may reinsure in a single contract, with other county mutual insurance companies, against excessive losses on all insurance contracts written.

The commissioner has full power of supervision over all reinsurance contracts executed under section 26.1-13-19.

Every member of a county mutual insurance company which sustains loss shall notify the company immediately after the loss is sustained. The company shall assign the loss to be adjusted in the manner provided in the insurance policy of the company. If the parties are unable to agr…

The board of directors of a county mutual insurance company, in the board's discretion, may borrow money for the payment of unpaid losses.

Any member of a county mutual insurance company may withdraw from membership at any time while the company continues to transact the business for which the company was organized if, by withdrawal, the number of members remaining in the company will not be reduced below the origin…

A county mutual insurance company at any time may terminate or cancel any policy issued by it by giving the insured not less than five days' written notice of the termination or cancellation of the policy and returning to the insured pro rata any unearned premium which the insure…

The secretary of each county mutual insurance company formed under this chapter shall prepare and submit to the members of the company, at each annual meeting, a copy of the annual statement required to be filed with the commissioner under section 26.1-03-07.

Each county mutual insurance company shall file an annual report with the commissioner no later than March first of each year which must be verified by at least two principal officers of the company and which must cover the preceding calendar year. The commissioner may require ad…