§ 26.1-50-02 — Establishment - Organization

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.