N.D. Cent. Code § 26.1-45-02

Current through 2024 Legislative Session

Section 26.1-45-02 - Group long-term care insurance - Association requirements - Approval

Group long-term care insurance may be issued or delivered for the benefit of members of an association, as defined in subdivision c of subsection 3 of section 26.1-45-01, if prior to advertising, marketing, or offering a policy within this state, the association, or the insurer of the association, files evidence with the insurance commissioner that the association has at the outset a minimum of one hundred persons, has been organized and maintained in good faith for purposes other than that of obtaining insurance, has been in active existence for at least one year, and has a constitution and bylaws that provide that:

1. The association hold regular meetings not less than annually to further the purposes of the members.

2. Except for credit unions, the association collect dues or solicit contributions from members.

3. The members have voting privileges and representation on the governing board and committees.

Thirty days after the filing, the association is deemed to satisfy the organizational requirements, unless the commissioner makes a finding that the association does not satisfy the organizational requirements.

N.D.C.C. § 26.1-45-02