45-03-21-12

N.D. Admin. Code § 45-03-21-12

Stock Acquisition - Limitations

Effective Feb 1, 2000General Authority: NDCC 26.1-12-32; Law Implemented: NDCC 26.1-12-32Insurance, Commissioner of

45-03-21-12. Stock acquisition - Limitations.

The converted insurer may not, for at least three years following the demutualization, repurchase any of its common shares except pursuant to a pro rata tender offer to all shareholders.

History: Effective February 1, 2000. General Authority: NDCC 26.1-12-32 Law Implemented: NDCC 26.1-12-32