North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-03 - Regulation of Insurance Companies
Chapter 45-03-21 - Demutualization
Section 45-03-21-14 - Amendment
Current through Supplement No. 394, October, 2024
A petition to engage in a demutualization filed pursuant to section 45-03-21-02 or a conversion plan governed by this chapter may be amended after it is first filed with the commissioner and is subject to the following provisions:
1. If the amendment is made after approval from the commissioner pursuant to section 45-03-21-08 but prior to member approval pursuant to section 45-03-21-09 and if the commissioner determines that the amendment will not affect adversely and materially the interest of the converting insurer or its members, the amendment must be approved in the same manner as the conversion plan in accordance with section 45-03-21-09.
2. If the amendment is made prior to approval by the commissioner pursuant to section 45-03-21-08 and after notice to members has been mailed, an amended notice is not required to be mailed to members if the commissioner determines that the amendment will not adversely and materially affect the interest of the converting insurer or its members.
General Authority: NDCC 26.1-12-32
Law Implemented: NDCC 26.1-12-32
