North Dakota § 26.1-12.1-16 Existing domestic mutual insurance holding company - Reorganization

North Dakota Statutes

§ 26.1-12.1-16 — Existing domestic mutual insurance holding company - Reorganization

North Dakota § 26.1-12.1-16

Title 26.1Insurance

Ch. 26.1-12.1Mutual Insurance Company Reorganization

This text of North Dakota § 26.1-12.1-16 (Existing domestic 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 § 26.1-12.1-16 (2026).

Text

An existing domestic mutual insurance holding company, with the prior approval of the commissioner pursuant to, and under the provisions of section 26.1-12.1-06, may:

1.Acquire direct or indirect ownership of a foreign mutual insurance company as a reorganizing insurer in compliance with the laws of its state of domicile; and

2.Grant membership interest and equity rights in the domestic mutual insurance holding company to eligible members of a foreign mutual insurance company as a reorganizing insurer that merges with a direct or indirect domestic or foreign subsidiary of the domestic mutual insurance holding company, or is otherwise acquired by the domestic mutual insurance holding company. The commissioner shall consider the fairness of the terms and conditions of the transaction, whet

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An existing domestic mutual insurance holding company, with the prior approval of the
commissioner pursuant to, and under the provisions of section 26.1-12.1-06, may:
1. Acquire direct or indirect ownership of a foreign mutual insurance company as a
reorganizing insurer in compliance with the laws of its state of domicile; and
2. Grant membership interest and equity rights in the domestic mutual insurance holding
company to eligible members of a foreign mutual insurance company as a
reorganizing insurer that merges with a direct or indirect domestic or foreign subsidiary
of the domestic mutual insurance holding company, or is otherwise acquired by the
domestic mutual insurance holding company.
The commissioner shall consider the fairness of the terms and conditions of the transaction,
whether the interests of the eligible members of the domestic mutual insurance holding

company that is a party to the transaction are protected in accordance with this chapter. A plan
of reorganization under this section must be approved by the eligible members of the domestic
mutual insurance holding company in accordance with subsection 2 of section 26.1-12.1-09.