N.D. Cent. Code ch. 26.1-12 – Incorporated Mutual Insurance Companies | Midpage

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North Dakota Century Code

Chapter 26.1-12

N.D. Cent. Code ch. 26.1-12

Incorporated Mutual Insurance Companies

26.1-12-01Organization of mutual insurance company - Minimum number of members 26.1-12-02Corporate name - Restrictions 26.1-12-03Articles of incorporation - Contents 26.1-12-04Articles of incorporation - Filing - Issuance of certificate 26.1-12-05Legal existence - Adoption of bylaws - Transaction of business 26.1-12-06Bylaws of mutual company - Meetings - Notice - Quorum 26.1-12-07Amendment of articles of incorporation - Amendment of bylaws - Extension of corporate existence 26.1-12-08License required - Prerequisites to issuance of license 26.1-12-09Temporary capital on organization of mutual life insurance company - Retirement 26.1-12-10Mutual life insurance company - Amount of subscribed insurance required - Surplus required 26.1-12-11Authority to insure or reinsure - Types of insurance open to mutual insurance company 26.1-12-11.1Authority to define products 26.1-12-12Compliance with general insurance laws - Provisions or conditions in policy 26.1-12-13Applicability of general insurance laws to mutual companies 26.1-12-14Membership in domestic mutual insurance company - Votes of members - Notice of meetings 26.1-12-15Corporations, limited liability companies, associations, boards, and estates may become member of mutual insurance company - Rights and liabilities 26.1-12-16Vote by proxy permitted - Manner of voting by proxy 26.1-12-17Members of mutual company entitled to share of net profits 26.1-12-18Premiums and contingent liabilities to be stated in bylaws and on policy - Collection of premiums 26.1-12-19Nonpayment of premiums and contingent liabilities - Effect - Continuation of liability on mortgage clause policy 26.1-12-20Separate reserves to be maintained for each kind of insurance written by mutual insurance company 26.1-12-21Reserve fund may be established - Limitation - Use 26.1-12-22Investments 26.1-12-23Deficiency in assets - Assessments required 26.1-12-24Making premium reserve good - Assessments - Cancellation of policies - Reinsurance 26.1-12-25Directors and treasurer of mutual insurance company personally liable for not making and collecting assessments 26.1-12-26Advance to mutual insurance company - Repayment - Reporting - Commission or promotion expense 26.1-12-27Licensing foreign mutual insurance company - Prerequisites 26.1-12-28Annual statements and examinations of mutual insurance companies 26.1-12-29Dividends payable by mutual insurance company 26.1-12-30Determination of dividends 26.1-12-31Taxable premiums of mutual insurance company 26.1-12-32Demutualization of domestic mutual insurance companies - Rules