N.D. Admin. Code 45-03-21-10
Current through Supplement No. 394, October, 2024
A director, officer, or employee of the converting insurer may not receive any fee, commission, or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting, or assisting in the demutualization except as set forth in the conversion plan approved by the commissioner. This provision may not be deemed to prohibit the payment of reasonable fees and compensation to attorneys at law, accountants, actuaries, and other consultants for services performed in the independent practice of their professions, even though they may also be directors of the converting insurer.
N.D. Admin Code 45-03-21-10
General Authority: NDCC 26.1-12-32
Law Implemented: NDCC 26.1-12-32