North Dakota § 26.1-12.1-15 Foreign mutual insurance holding company - Reorganization

North Dakota Statutes

§ 26.1-12.1-15 — Foreign mutual insurance holding company - Reorganization

North Dakota § 26.1-12.1-15

Title 26.1Insurance

Ch. 26.1-12.1Mutual Insurance Company Reorganization

This text of North Dakota § 26.1-12.1-15 (Foreign mutual insurance holding company - Reorganization) 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 § 26.1-12.1-15 (2026).

Text

A domestic mutual insurance company may reorganize with a foreign mutual insurance
holding company that is created or exists under the laws of another state by complying with
chapter 26.1-12.1. The commissioner may waive any provision of chapter 26.1-12.1 if the
commissioner determines the provision to be unnecessary for the protection of eligible
members.
A plan of reorganization under this section must comply with the requirements and
standards of section 26.1-12.1-06 and be approved by the eligible members of the domestic
mutual insurance company as a reorganizing insurer in accordance with subsection 1 of section
26.1-12.1-09. A domestic mutual insurance company seeking to reorganize under this section
may at the same time redomesticate to another state by complying with section 26.1-0

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A domestic mutual insurance company may reorganize with a foreign mutual insurance
holding company that is created or exists under the laws of another state by complying with
chapter 26.1-12.1. The commissioner may waive any provision of chapter 26.1-12.1 if the
commissioner determines the provision to be unnecessary for the protection of eligible
members.
A plan of reorganization under this section must comply with the requirements and
standards of section 26.1-12.1-06 and be approved by the eligible members of the domestic
mutual insurance company as a reorganizing insurer in accordance with subsection 1 of section
26.1-12.1-09. A domestic mutual insurance company seeking to reorganize under this section
may at the same time redomesticate to another state by complying with section 26.1-05-07.3
and the applicable requirements of the state to which it seeks to transfer domicile.