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

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.