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·Title 26.1 Insurance·Ch. 26.1-20 Title Insurance Companies

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.

North Dakota § 26.1-20-03 (Surplus to constitute guaranty fund - Deposit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.