North Dakota § 26.1-14-10 Dividends to policyholders

North Dakota Statutes

§ 26.1-14-10 — Dividends to policyholders

North Dakota·Title 26.1 Insurance·Ch. 26.1-14 Medical Malpractice Insurance

Every policy issued by the company must include a provision that the company periodically
will ascertain and apportion any divisible surplus under the policy which may accrue on policy
anniversaries or other dividend dates specified in the contract. This provision must provide that
no apportionment or payment of any divisible surplus may take place until the expiration of at
least eight years from the termination of the policy period for which the dividend applies. This
provision also must provide that the dividends may be paid only as directed by the board of
directors from divisible surplus after due consideration of the financial condition and operating
needs of the company.

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Every policy issued by the company must include a provision that the company periodically
will ascertain and apportion any divisible surplus under the policy which may accrue on policy
anniversaries or other dividend dates specified in the contract. This provision must provide that
no apportionment or payment of any divisible surplus may take place until the expiration of at
least eight years from the termination of the policy period for which the dividend applies. This
provision also must provide that the dividends may be paid only as directed by the board of
directors from divisible surplus after due consideration of the financial condition and operating
needs of the company.

North Dakota § 26.1-14-10 (Dividends to policyholders) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.