North Dakota § 26.1-12-26 Advance to mutual insurance company - Repayment - Reporting - Commission or promotion expense

North Dakota Statutes

§ 26.1-12-26 — Advance to mutual insurance company - Repayment - Reporting - Commission or promotion expense

North Dakota·Title 26.1 Insurance·Ch. 26.1-12 Incorporated Mutual Insurance Companies

Commission or promotion expense.
Any director, officer, or member of a mutual insurance company, or any other person, may
advance to the company any sum of money necessary for the purpose of its business or to
enable it to comply with any of the requirements of the law, and such moneys, together with any
interest agreed upon, but not exceeding the maximum contract rate, is not a liability or claim
against the company or any of its assets and may be repaid only out of the surplus earnings of
the company. A commission or promotional expense may not be paid in connection with the
advance to the company. The amount of any advance must be reported in each annual
statement.

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Commission or promotion expense.
Any director, officer, or member of a mutual insurance company, or any other person, may
advance to the company any sum of money necessary for the purpose of its business or to
enable it to comply with any of the requirements of the law, and such moneys, together with any
interest agreed upon, but not exceeding the maximum contract rate, is not a liability or claim
against the company or any of its assets and may be repaid only out of the surplus earnings of
the company. A commission or promotional expense may not be paid in connection with the
advance to the company. The amount of any advance must be reported in each annual
statement.

North Dakota § 26.1-12-26 (Advance to mutual insurance company - Repayment - Reporting - Commission or promotion expense) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.