§ 26.1-12.2-01 — Definitions

North Dakota § 26.1-12.2-01

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-12.2: Mutual Property and Casualty Insurance Company Conversion

Text

As used in this chapter:
1. "Capital stock" means common or preferred stock or any hybrid security or other
equity security issued by a converted stock company or other company or entity
pursuant to the exercise of subscription rights granted pursuant to the provisions of
subdivision c of subsection 1 of section 26.1-12.2-03.
2. "Converted stock company" means a mutual company or mutual holding company that
has converted to a stock company under this chapter.
3. "Converting mutual company" means a mutual company or mutual holding company
that has adopted a plan of conversion under this chapter.
4. "Eligible member" means a member of a converting mutual company whose policy is
in force on the date the governing body of the converting mutual company adopts a
plan of conversion or such earlier date as the converting mutual company may
establish with the consent of the commissioner. A person insured under a group policy
is not an eligible member. A person whose policy becomes effective after the
governing body adopts the plan of conversion but before the effective date of the plan
of conversion is not an eligible member but has those rights established under section