North Dakota § 26.1-12.1-11 Membership interest

North Dakota Statutes

§ 26.1-12.1-11 — Membership interest

North Dakota § 26.1-12.1-11

Title 26.1Insurance

Ch. 26.1-12.1Mutual Insurance Company Reorganization

This text of North Dakota § 26.1-12.1-11 (Membership interest) 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 § 26.1-12.1-11 (2026).

Text

A membership interest in a domestic mutual insurance holding company does not constitute
a security as defined in section 10-04-02. No member of a mutual insurance holding company

may transfer or pledge membership in the mutual insurance holding company or any right
arising from the membership except as attendant to the valid transfer or assignment of the
member's policy in any reorganized insurer which gave rise to the member's membership
interest. A member of a mutual insurance holding company is not, as a member, personally
liable for the acts, debts, liabilities, or obligations of the reorganized insurer. No assessment of
any kind may be imposed upon the members of a mutual insurance holding company by the
directors or members, or because of any liability of any company owned or contr

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A membership interest in a domestic mutual insurance holding company does not constitute
a security as defined in section 10-04-02. No member of a mutual insurance holding company

may transfer or pledge membership in the mutual insurance holding company or any right
arising from the membership except as attendant to the valid transfer or assignment of the
member's policy in any reorganized insurer which gave rise to the member's membership
interest. A member of a mutual insurance holding company is not, as a member, personally
liable for the acts, debts, liabilities, or obligations of the reorganized insurer. No assessment of
any kind may be imposed upon the members of a mutual insurance holding company by the
directors or members, or because of any liability of any company owned or controlled by the
mutual insurance holding company, or because of any act, debt, or liability of the reorganized
company. A member's interest in the mutual insurance holding company automatically
terminates upon cancellation, nonrenewal, expiration, or termination of the member's policy in
any reorganized company which gave rise to the member's membership interest.