North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-03 - Regulation of Insurance Companies
Chapter 45-03-21 - Demutualization
Section 45-03-21-08 - Action by commissioner
Current through Supplement No. 394, October, 2024
Within ninety days after the conclusion of the public hearing, the commissioner shall enter an order either approving, conditionally approving, or disapproving the plan. An approval or conditional approval of a conversion plan expires if the demutualization is not completed within one hundred eighty days after the approval or conditional approval unless the time for completion is extended at the commissioner's discretion. An order approving, or approving conditionally, a conversion plan under this chapter does not apply to a demutualization that becomes effective more than thirty days after the date of such order unless no later than five days prior to the date on which the demutualization shall become effective, but in no event any earlier than ten days before such date, the converting insurer shall file with the commissioner the following certifications:
1. A certification that all opinions, private letter rulings, revenue rulings, and other such matters relating to the material tax consequences of the demutualization remain in full force, true and correct as of the anticipated effective date except as expressly and fully noted in the certification.
2. A certification that there have been no material changes in the converting insurer's financial condition which would have a significant effect on any of the matters contained in the conversion plan or in the notices provided to members and eligible members pursuant to section 45-03-21-07.
3. If the commissioner's order recites any factual bases for approval, or for conditional approval, a certification that no such factual bases have changed materially since the date of the order.
General Authority: NDCC 26.1-12-32
Law Implemented: NDCC 26.1-12-32
