N.D. Cent. Code § 26.1-05-32

Current through the 2023 Legislative Sessions

Section 26.1-05-32 - Impairment of capital or surplus of domestic life insurance company - Determination of deficiency - Notice not to issue policies

If a domestic stock life insurance company's minimum basic paid-in capital or surplus required by section 26.1-05-04 or the minimum basic surplus of a domestic mutual insurance company required by section 26.1-12-10 becomes impaired, the commissioner shall prohibit the company and its agents from issuing new policies until the deficiency is cured. The commissioner shall determine the amount of the deficiency, notify the company of the deficiency and require the company to cure the deficiency, and require the company to file proof thereof with the commissioner within a period specified in the notice. The period may not be less than thirty days nor more than ninety days from the date of issuance of the notice.

N.D.C.C. § 26.1-05-32