§ 26.1-12.1-01 — Definitions

North Dakota § 26.1-12.1-01

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-12.1: Mutual Insurance Company Reorganization

Text

As used in this chapter, unless the context or subject matter otherwise requires:
1. "Commissioner" means the insurance commissioner.
2. "Domestic mutual insurance company" or "mutual insurance company" means a
mutual insurance company incorporated under the laws of this state pursuant to
chapter 26.1-12 or other prior provisions of this title.
3. "Domestic mutual insurance holding company" or "mutual insurance holding company"
means a company formed under section 26.1-12.1-02.
4. "Eligible member" means a policyholder whose policy is in force as of the record date
or member as defined under the bylaws or articles of incorporation of the reorganizing
insurer. Unless otherwise provided in the reorganization plan, a person insured under
a certificate issued under a group policy is not an eligible member.
5. "Foreign mutual insurance company" means a mutual insurance company
incorporated under the laws of another state.
6. "Foreign mutual insurance holding company" means a company formed under
provisions of the laws of another state similar to those contained in this chapter.
7. "Membership interest" means all interests of eligible members of the reorganizing
insurer, including rights to vote and to participate in any distribution of surplus, whether
or not incident to the company's liquidation. It does not include the contractual rights
remaining with the reorganized insurance company.
8. "Plan of reorganization" means a plan to engage or participate in a reorganization
subject to this chapter.
9. "Policy" means a policy or contract of insurance issued by a mutual insurance
company, including an annuity contract.
10. "Record date" means the date the reorganizing insurer's board of directors adopts a
plan of reorganization or some other date specified as the record date in the plan of
reorganization and approved by the commissioner.
11. "Reorganization" means any plan or transaction described in section 26.1-12.1-02,
26.1-12.1-03, 26.1-12.1-15, 26.1-12.1-16, or 26.1-12.1-17, or any change in the
reorganized insurer's articles of incorporation or bylaws which is a material change to
the plan of reorganization filed and approved by the commissioner affecting the ability
of the reorganizing insurer to meet the standards described in section 26.1-12.1-06.
12. "Reorganized insurance company" means a mutual insurance company that has
completed a reorganization to a stock company that is subject to this chapter. A
domestic or foreign mutual insurance company that has completed a reorganization to
a stock company may retain the word "mutual" in its name so long as it is clearly
identified with its name that it is a stock insurance subsidiary of a domestic or foreign
mutual insurance holding company.
13. "Reorganizing insurer" means a mutual insurance company, whether domestic or
foreign, seeking to participate, or participating, in a merger or other reorganization as
defined in this chapter.