North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-03 - Regulation of Insurance Companies
Chapter 45-03-21 - Demutualization
Section 45-03-21-09 - Member approval

Following the commissioner's order, the plan of conversion and the proposed amendments to the articles of incorporation must be submitted to vote of the converting insurer's members and must be approved by an affirmative vote of a majority of votes cast by no fewer than twenty-five percent of the converting insurer's members, who may vote in person or by proxy at a meeting held for that purpose. The meeting may be a regular or special meeting but must be held no earlier than ninety days before the effective date. Following the commissioner's approval, notice of a meeting for the purpose of voting on the plan and amendments must be provided by mail to each member entitled to vote in accordance with the articles of incorporation or bylaws of the converting insurer no earlier than ninety days and no later than thirty days before the date of the meeting. Each member entitled to vote may cast one vote unless provided otherwise in the articles of incorporation or bylaws of the converting insurer.

General Authority: NDCC 26.1-12-32

Law Implemented: NDCC 26.1-12-32