North Dakota § 26.1-50-02 Establishment - Organization

North Dakota Statutes

§ 26.1-50-02 — Establishment - Organization

North Dakota § 26.1-50-02

Title 26.1Insurance

Ch. 26.1-50North Dakota Low-Risk Incentive Fund

This text of North Dakota § 26.1-50-02 (Establishment - Organization) 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 § 26.1-50-02 (2026).

Text

Any insurer or group of insurers may establish a corporation or limited liability company to
own and operate the North Dakota low-risk incentive fund. Except as provided in this chapter, all
authority regarding the articles of incorporation or articles of organization is the province of the
governing board, which must include a representative of the Bank of North Dakota and the
commissioner of commerce or the commissioner's designee. The Bank of North Dakota shall
administer the fund; however, the governing board is responsible for adopting fund policies and
procedures. The governing board may not distribute more than seventy-five percent of the net
profit of the fund in any of the first five years of operation.

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Any insurer or group of insurers may establish a corporation or limited liability company to
own and operate the North Dakota low-risk incentive fund. Except as provided in this chapter, all
authority regarding the articles of incorporation or articles of organization is the province of the
governing board, which must include a representative of the Bank of North Dakota and the
commissioner of commerce or the commissioner's designee. The Bank of North Dakota shall
administer the fund; however, the governing board is responsible for adopting fund policies and
procedures. The governing board may not distribute more than seventy-five percent of the net
profit of the fund in any of the first five years of operation.