Title 26.1 — Insurance

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…

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…

Repealed by S.L. 1993, ch. 292, § 49. 26.1-12-18.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…

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…

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.

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…

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…

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…

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…

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 …

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. …

Repealed by S.L. 2015, ch. 209, § 4.

A corporation for mutual insurance may be formed in accordance with this chapter by any number of persons, not less than fifty, residing in not more than forty counties in this state, which collectively own property of not less than four hundred thousand dollars in value which th…

Every county mutual insurance company has perpetual existence. If the articles of incorporation of any company show that the existence of the company is other than perpetual, the articles may be amended in the manner provided by law so as to extend the term of existence of the co…

After articles of incorporation have been approved and filed, the commissioner shall deliver to the persons filing the articles a certificate to the effect that the county mutual insurance company has complied with all of the requirements of law. The certificate constitutes the a…

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…

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. 2…

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; …

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.

Repealed by S.L. 2019, ch. 236, § 16.

The commissioner has full power of supervision over all reinsurance contracts executed under section 26.1-13-19. 26.1-13-22. Insured to give undertaking to pay pro rata share of losses - Cash payment or premium required. Repealed by S.L. 2019, ch. 236, § 16. 26.1-13-23. Loss - No…

Repealed by S.L. 2019, ch. 236, § 16. 26.1-13-25. Permanent expense and loss fund - Assessment or premiums - Delinquent loss assessments credited. Repealed by S.L. 2019, ch. 236, § 16.

Repealed by S.L. 2019, ch. 236, § 16. 26.1-13-27. Collection of assessments - Suits against directors - Suits against company to recover losses. Repealed by S.L. 2019, ch. 236, § 16.

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…

There is a nationwide crisis in the field of medical malpractice insurance and physicians practicing medicine within the state of North Dakota are finding, or will find, it increasingly difficult, if not impossible, to obtain medical malpractice insurance. The purpose of this cha…

As used in this chapter, unless the context or subject matter otherwise requires: 1. "Company" means the North Dakota medical malpractice mutual insurance company. 2. "Physician" means physician and surgeon (M.D.) and osteopathic physician and surgeon (D.O.). 3. "Practice of medi…

An incorporated mutual insurance company is authorized to be known as the North Dakota medical malpractice mutual insurance company. The company is subject to and governed by this chapter and is not subject to the laws of this state relating to insurance and insurance companies e…

1. The company will be governed by a board of directors consisting of eleven members. The commissioner shall appoint the initial board within thirty days of notification by the North Dakota board of medicine of its decision for implementation of this chapter from fifteen nominees…

1. If physicians practicing medicine within North Dakota find it difficult to obtain medical malpractice insurance, the North Dakota board of medicine, by a majority vote of its membership, may elect to initiate and implement this chapter. Before fifteen days from the date the el…

The minimum surplus to be maintained by the company must be three hundred thousand dollars.

1. If, in the judgment of the board of directors, the affairs of the company thereby may be administered suitably and efficiently, the company may enter into a contract, not to exceed five years in duration, whereby the affairs of the company may be administered by a licensed ins…

The rates and premiums to be charged for insurance by the company are subject to chapter 26.1-25 except that the commissioner may not disapprove or terminate the effectiveness of any rate filing made by or on behalf of the company on the grounds that the rates or premiums are exc…

1. The reserve maintained by the company for outstanding losses under insurance against injury arising out of the rendering of or the failure to render professional services by an insured for all policies written during the eight years immediately preceding the date of the reserv…

Every policy issued by the company must include a provision that the company periodically will ascertain and apportion any divisible surplus under the policy which may accrue on policy anniversaries or other dividend dates specified in the contract. This provision must provide th…

1. Any person insured by the company for liability because of injury arising out of the rendering of or the failure to render professional services in limits equal to or greater than five hundred thousand dollars for each claim or suit covered, subject to an aggregate limit of li…

1. The terms and conditions of all policies issued by the company to physicians must be essentially uniform in terms and coverage. 2. Notwithstanding subsection 1, the company may prescribe reasonable classifications of physicians' and insureds' activities and exposures based on …

The property, income, premiums, and activities of the company are exempt from all taxes and assessments and from any fees specified for licenses and certifications of the insurance laws except for the tax imposed by section 26.1-03-17 and any assessment made by the insurance guar…

Any licensed nonprofit health service plan by appropriate action of the board of directors or board of trustees may enter into a contract with the company in accordance with section 26.1-14-07 for the furnishing of services to the company. In the performance of the services under…