N.D. Cent. Code § 26.1-06.1-08

Current through 2024 Legislative Session

Section 26.1-06.1-08 - Condition on release from delinquency proceedings

No insurer subject to any delinquency proceedings, whether administrative or judicial, may, until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, have been repaid to the guaranty associations, or until a plan of repayment by the insurer has been approved by the guaranty associations:

1. Be released from the proceeding, unless the proceeding is converted into a judicial rehabilitation or liquidation proceeding;

2. Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;

3. Be returned to the control of its shareholders or private management; or

4. Have any of its assets returned to the control of its shareholders or private management.

N.D.C.C. § 26.1-06.1-08