North Dakota § 26.1-12.2-16 Laws applicable to converted stock company

North Dakota Statutes

§ 26.1-12.2-16 — Laws applicable to converted stock company

North Dakota § 26.1-12.2-16

Title 26.1Insurance

Ch. 26.1-12.2Mutual Property and Casualty Insurance Company Conversion

This text of North Dakota § 26.1-12.2-16 (Laws applicable to converted stock company) 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 § 26.1-12.2-16 (2026).

Text

1.A converting mutual company is not permitted to convert under this chapter if, as a direct result of the conversion, any person or any affiliate thereof acquires control of the converted stock company, unless that person and such person's affiliates comply with the provisions of North Dakota law regarding the acquisition of control of an insurance company.

2.Except as otherwise specified in this chapter, a converted stock company has and may exercise all the rights and privileges and is subject to all of the requirements and regulations imposed on stock insurance companies under the laws of North Dakota relating to the regulation and supervision of insurance companies, but the converting stock company may not exercise rights or privileges that other stock insurance companies may not e

Free access — add to your briefcase to read the full text and ask questions with AI

1. A converting mutual company is not permitted to convert under this chapter if, as a
direct result of the conversion, any person or any affiliate thereof acquires control of
the converted stock company, unless that person and such person's affiliates comply

with the provisions of North Dakota law regarding the acquisition of control of an
insurance company.
2. Except as otherwise specified in this chapter, a converted stock company has and may
exercise all the rights and privileges and is subject to all of the requirements and
regulations imposed on stock insurance companies under the laws of North Dakota
relating to the regulation and supervision of insurance companies, but the converting
stock company may not exercise rights or privileges that other stock insurance
companies may not exercise.