North Dakota § 26.1-05-25 Securities may be exchanged - Withdrawal of securities

North Dakota Statutes

§ 26.1-05-25 — Securities may be exchanged - Withdrawal of securities

North Dakota·Title 26.1 Insurance·Ch. 26.1-05 Organization and Operation of Domestic Companies

A domestic life insurance company, at any time, may change the securities on physical
deposit or designated on the statement of securities held by the company in lieu of a deposit by
substituting a like amount of the character required in the first instance. If the annual valuation of
the policies in force shows them to be less than the amount of the security deposited, the
company may withdraw the excess, but at least twenty-five thousand dollars worth of securities
must remain on deposit at all times.

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A domestic life insurance company, at any time, may change the securities on physical
deposit or designated on the statement of securities held by the company in lieu of a deposit by
substituting a like amount of the character required in the first instance. If the annual valuation of
the policies in force shows them to be less than the amount of the security deposited, the
company may withdraw the excess, but at least twenty-five thousand dollars worth of securities
must remain on deposit at all times.

North Dakota § 26.1-05-25 (Securities may be exchanged - Withdrawal of securities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.