North Dakota § 26.1-20-03 Surplus to constitute guaranty fund - Deposit

North Dakota Statutes

§ 26.1-20-03 — Surplus to constitute guaranty fund - Deposit

North Dakota § 26.1-20-03

Title 26.1Insurance

Ch. 26.1-20Title Insurance Companies

This text of North Dakota § 26.1-20-03 (Surplus to constitute guaranty fund - Deposit) 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 § 26.1-20-03 (2026).

Text

The surplus provided for in section 26.1-20-02 constitutes a guaranty fund, which must be
invested in securities as provided by section 26.1-05-19, and be duly deposited with the
commissioner, and the commissioner's certification of that deposit must be procured, as
provided by law. This deposit must be maintained unimpaired and the principal of the fund may
be applied only to the payment of losses and expenses by reason of its guaranty and insurance
contracts, but the corporation has the right to collect the income from the deposit and to
substitute other like securities of equal amount and value from time to time.

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The surplus provided for in section 26.1-20-02 constitutes a guaranty fund, which must be
invested in securities as provided by section 26.1-05-19, and be duly deposited with the
commissioner, and the commissioner's certification of that deposit must be procured, as
provided by law. This deposit must be maintained unimpaired and the principal of the fund may
be applied only to the payment of losses and expenses by reason of its guaranty and insurance
contracts, but the corporation has the right to collect the income from the deposit and to
substitute other like securities of equal amount and value from time to time.