§ 26.1-12.1-08 — Notice to eligible members

North Dakota § 26.1-12.1-08

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

Text

Following approval or conditional approval of the plan by the commissioner, all eligible
members shall be given notice of a regular or special meeting of the policyholders called for the
purpose of considering the plan and any corporate action that is a part of, or is reasonably
attendant to, the accomplishment of the plan. A copy of the plan or a summary of the plan must
accompany the notice. A notice approved by the commissioner must be mailed to each eligible
member's last-known address, as shown on the reorganizing insurer's records, within forty-five
days of the commissioner's approval of the plan, unless the commissioner directs an earlier
date for mailing. The meeting to vote upon a plan of reorganization must be set for a date no
less than forty-five days after the date when the notice of the meeting is mailed by the
reorganizing insurer, unless the commissioner directs an earlier date for the meeting. If the
meeting to vote upon the plan of reorganization is held coincident with the reorganizing insurer's
annual meeting of policyholders or members, only one combined notice of meeting is required.
If the reorganizing insurer complies substantially and in good faith with the notice requirements
of this section, the reorganizing insurer's failure to give any member or members any required
notice does not impair the validity of any action taken under this section.