North Dakota § 26.1-06.2-05 Prohibited acts during supervision

North Dakota Statutes

§ 26.1-06.2-05 — Prohibited acts during supervision

North Dakota § 26.1-06.2-05

Title 26.1Insurance

Ch. 26.1-06.2Administrative Supervision

This text of North Dakota § 26.1-06.2-05 (Prohibited acts during supervision) 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 § 26.1-06.2-05 (2026).

Text

During the period of supervision, the commissioner or the commissioner's designated appointee shall serve as the administrative supervisor. The commissioner may provide that the insurer may not do any of the following things during the period of supervision, without the prior approval of the commissioner or the commissioner's appointed supervisor:

1.Dispose of, convey, or encumber any of its assets or its business in force.

2.Withdraw any of its bank accounts.

3.Lend any of its funds.

4.Invest any of its funds.

5.Transfer any of its property.

6.Incur any debt, obligation, or liability.

7.Merge or consolidate with another company.

8.Approve new premiums or renew any policies.

9.Enter into any new reinsurance contract or treaty.

10.Terminate, surrender, forfeit, convert, or lapse a

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During the period of supervision, the commissioner or the commissioner's designated
appointee shall serve as the administrative supervisor. The commissioner may provide that the
insurer may not do any of the following things during the period of supervision, without the prior
approval of the commissioner or the commissioner's appointed supervisor:
1. Dispose of, convey, or encumber any of its assets or its business in force.
2. Withdraw any of its bank accounts.
3. Lend any of its funds.
4. Invest any of its funds.
5. Transfer any of its property.
6. Incur any debt, obligation, or liability.
7. Merge or consolidate with another company.
8. Approve new premiums or renew any policies.
9. Enter into any new reinsurance contract or treaty.
10. Terminate, surrender, forfeit, convert, or lapse any insurance policy, certificate, or
contract, except for nonpayment of premiums due.
11. Release, pay, or refund premium deposits, accrued cash or loan values, unearned
premiums, or other reserves on any insurance policy, certificate, or contract.
12. Make any material change in management.
13. Increase salaries and benefits of officers or directors or the preferential payment of
bonuses, dividends, or other payments deemed preferential.