§ 26.1-12.2-19 — Prohibition on acquisitions of control

North Dakota § 26.1-12.2-19

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

Text

Except as otherwise specifically provided in section 26.1-12.2-03, from the date a plan of
conversion is adopted by the governing body of a converting mutual company until three years
after the effective date of the plan of conversion, a person may not directly or indirectly offer to
acquire, make any announcement to acquire, or acquire in any manner, including making a filing
with the insurance department for such acquisition under a statute or regulation of this state, the
beneficial ownership of ten percent or more of a class of a voting security of the converted stock
company or of a person that controls the voting securities of the converted stock company,
unless the converted stock company or a person that controls the voting securities of the
converted stock company consents to such acquisition and such acquisition is otherwise
approved by the commissioner.