North Dakota § 26.1-05-33 Dividends to be paid by domestic fire insurance company from surplus profits only - Compensation

North Dakota Statutes

§ 26.1-05-33 — Dividends to be paid by domestic fire insurance company from surplus profits only - Compensation

North Dakota § 26.1-05-33

Title 26.1Insurance

Ch. 26.1-05Organization and Operation of Domestic Companies

This text of North Dakota § 26.1-05-33 (Dividends to be paid by domestic fire insurance company from surplus profits only - Compensation) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-05-33 (2026).

Text

profits only - Compensation.
A domestic fire insurance company may not declare any dividend except from the surplus
profits arising from its business. In estimating the surplus profits, there must be reserved as
unearned premiums a sum equal to forty percent of the amount of premiums on all unexpired
risks and policies, and there also must be reserved all sums due the company on bonds,
mortgages, stocks, and book accounts upon which no part of the principal or accrued interest
has been paid during the year preceding the estimate of the profits and upon which suit for
foreclosure or collection has been commenced, or a judgment upon which has remained
unsatisfied for more than one year.

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profits only - Compensation.
A domestic fire insurance company may not declare any dividend except from the surplus
profits arising from its business. In estimating the surplus profits, there must be reserved as
unearned premiums a sum equal to forty percent of the amount of premiums on all unexpired
risks and policies, and there also must be reserved all sums due the company on bonds,
mortgages, stocks, and book accounts upon which no part of the principal or accrued interest
has been paid during the year preceding the estimate of the profits and upon which suit for
foreclosure or collection has been commenced, or a judgment upon which has remained
unsatisfied for more than one year.