§ 26.1-05-32 — Impairment of capital or surplus of domestic life insurance company - Determination of deficiency - Notice not to issue policies

Determination of deficiency - Notice not to issue policies.
If a domestic stock life insurance company's minimum basic paid-in capital or surplus
required by section 26.1-05-04 or the minimum basic surplus of a domestic mutual insurance
company required by section 26.1-12-10 becomes impaired, the commissioner shall prohibit the
company and its agents from issuing new policies until the deficiency is cured. The
commissioner shall determine the amount of the deficiency, notify the company of the deficiency
and require the company to cure the deficiency, and require the company to file proof thereof
with the commissioner within a period specified in the notice. The period may not be less than
thirty days nor more than ninety days from the date of issuance of the notice.