North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-03 - Regulation of Insurance Companies
Chapter 45-03-22 - Mutual Insurance Holding Company Act Rules
Section 45-03-22-03 - General rules

Universal Citation: ND Admin Code ยง 45-03-22-03

Current through Supplement No. 394, October, 2024

1. A merger or acquisition not subject to North Dakota Century Code chapter 26.1-12.1 involving a mutual insurance holding company must be approved by the commissioner pursuant to North Dakota Century Code chapter 26.1-07.

2. Each domestic mutual insurance holding company shall provide to the commissioner an audited annual statement based upon generally accepted accounting principles and statutory accounting principles by June first of each year.

3. Unless otherwise specified by the commissioner, the mutual insurance holding company's annual statement must include:

a. An income statement.

b. A balance sheet.

c. A cash flow statement.

d. An investment plan covering all assets.

e. A statement disclosing any intention or agreement to pledge, borrow against, alienate, hypothecate, or otherwise encumber the assets of the mutual insurance holding company.

f. Complete information on the composition and status of any closed block formed as a part of a plan of reorganization.

4. At least fifty percent of the net worth of a mutual insurance holding company as determined under generally accepted accounting principles must be invested in insurance company subsidiaries.

General Authority: NDCC 28-32-02

Law Implemented: NDCC 26.1-12.1

Disclaimer: These regulations may not be the most recent version. North Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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