North Dakota Statutes
§ 26.1-05-28 — Securities vest in policyholders on default of domestic life insurance company
company.
The securities of a defaulting or insolvent domestic life insurance company, or of a company
against which proceedings for dissolution are pending, which are on deposit with the
commissioner, vest in the state for the benefit of the policies on account of which the deposit
was made, and the proceeds, by order of the court upon final hearing, must be divided among
the policyholders proportionately to the last annual valuation of the policies, or, at any time, must
be applied to the purchase of reinsurance for their benefit.
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North Dakota § 26.1-05-28 (Securities vest in policyholders on default of domestic life insurance company) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 26.1-01-01
Commissioner defined§ 26.1-01-03
Duties of commissioner§ 26.1-01-03.1
Cease and desist authority - Hearing - Failure to appear§ 26.1-01-03.2
Injunctive authority§ 26.1-01-03.3
Penalty for violation of title§ 26.1-01-04
Service of process upon commissioner - Procedure§ 26.1-01-06
Reporting of statistical data regarding legal malpractice claims, settlements, and judgments§ 26.1-01-07
Fees chargeable by commissioner§ 26.1-01-07.1
Insurance regulatory trust fund established§ 26.1-01-07.2
Insurance regulatory trust fund investment§ 26.1-01-07.3
Cash flow financing