§ 26.1-02-02 — Duty of commissioner before granting or renewing certificate of authority

The commissioner must be satisfied by examination and evidence that an insurance
company is legally qualified to transact business in this state before granting a certificate of
authority to the company to issue policies or make insurance contracts. A certificate of authority
issued under this title remains in force in perpetuity if the required renewal fee is paid by April
thirtieth of each year and the commissioner is satisfied that the statements and evidences of
investment required of the company have been furnished, the required capital or surplus or
both, securities, and investments remain secure, and all other requirements of law are met. Any
company which neglects to pay the renewal fee by April thirtieth forfeits twenty-five dollars for
each day's neglect.