§ 26.1-12-10 — Mutual life insurance company - Amount of subscribed insurance required - Surplus required

North Dakota § 26.1-12-10

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-12: Incorporated Mutual Insurance Companies

Text

required - Surplus required.
A mutual life insurance company may not issue a policy until not less than two hundred
thousand dollars of insurance in not less than two hundred separate risks have been subscribed
for and entered on its books. The commissioner may not issue a certificate of authority for the
transaction of business to the company unless it has a surplus of assets over all liabilities of at
least one million dollars. A domestic mutual life insurance company shall maintain surplus of at
least this amount. However, for any company doing business only in this state, if the minimum
asset and surplus requirements required by this section are more than the minimum
requirements required at the time a company was issued its original certificate of authority, the
company shall increase its assets and surplus to a minimum of one hundred thousand dollars.
All other companies shall increase their surplus of assets over all liabilities according to the
schedule set out in subsection 4 of section 26.1-12-08.