CHAPTER 26.1-07CONSOLIDATION OR REINSURANCE OF DOMESTIC COMPANIES26.1-07-01. Domestic companies - Consolidation - Reinsurance. As used in thischapter, "consolidate" includes consolidation and merger and "reinsurance" includes only those obligations ceded or assumed by an assumption agreement. An "assumption agreement" is one that transfers all of the direct insurer's obligations under policies of insurance to another insurer and relieves the transferring insurer of any obligations under the policies. A domestic insurance company organized on the stock, mutual, stipulated premium, or assessment plan may not consolidate with any other company, or reinsure its risks or any part thereof with any other company, or assume or reinsure the whole or any portion of the risks of any other company, except in the manner provided by this chapter.26.1-07-02.Petition for allowance of consolidation or reinsurance.When anycompany described in section 26.1-07-01 proposes to consolidate with any other company, or to enter into any contract of reinsurance, it must file its petition with the commissioner setting forth the terms and conditions of the proposed consolidation or reinsurance contract and asking for approval or modification as provided by this chapter. The company shall file as an exhibit to the petition the proposed consolidation or reinsurance contract.26.1-07-03.Profit by officer or employee prohibited.An officer of a companypetitioning for the right to consolidate or to reinsure and an officer or employee of the state may not receive any compensation or gratuity, either directly or indirectly, for aiding, promoting, or in any manner assisting in the consolidation or reinsurance.26.1-07-04. Notice of petition for consolidation or reinsurance. When a petition isfiled, the commissioner, within thirty days after filing of the petition, shall issue an order requiring notice by mail to each policyholder of the domestic company if any of its policyholders are being reinsured or it is proposing to consolidate with another company, of the pendency of the petition and of the time when and place where a hearing on the petition will be held. The hearing must be scheduled not more than ninety days from the date of the order. The commissioner shall publish the order of notice and the petition in five newspapers, one of which must be a daily newspaper published at the state capital, at least two weeks before the hearing upon the petition. By mutual agreement between the petitioning company and the commissioner, the timeframe set forth in this section may be modified, changed, or extended.26.1-07-05. Commissioner to hear petition - General duties. Repealed by S.L. 1995,ch. 280,
CHAPTER 26.1-07CONSOLIDATION OR REINSURANCE OF DOMESTIC COMPANIES26.1-07-01. Domestic companies - Consolidation - Reinsurance. As used in thischapter, "consolidate" includes consolidation and merger and "reinsurance" includes only those obligations ceded or assumed by an assumption agreement. An "assumption agreement" is one that transfers all of the direct insurer's obligations under policies of insurance to another insurer and relieves the transferring insurer of any obligations under the policies. A domestic insurance company organized on the stock, mutual, stipulated premium, or assessment plan may not consolidate with any other company, or reinsure its risks or any part thereof with any other company, or assume or reinsure the whole or any portion of the risks of any other company, except in the manner provided by this chapter.26.1-07-02.Petition for allowance of consolidation or reinsurance.When anycompany described in section 26.1-07-01 proposes to consolidate with any other company, or to enter into any contract of reinsurance, it must file its petition with the commissioner setting forth the terms and conditions of the proposed consolidation or reinsurance contract and asking for approval or modification as provided by this chapter. The company shall file as an exhibit to the petition the proposed consolidation or reinsurance contract.26.1-07-03.Profit by officer or employee prohibited.An officer of a companypetitioning for the right to consolidate or to reinsure and an officer or employee of the state may not receive any compensation or gratuity, either directly or indirectly, for aiding, promoting, or in any manner assisting in the consolidation or reinsurance.26.1-07-04. Notice of petition for consolidation or reinsurance. When a petition isfiled, the commissioner, within thirty days after filing of the petition, shall issue an order requiring notice by mail to each policyholder of the domestic company if any of its policyholders are being reinsured or it is proposing to consolidate with another company, of the pendency of the petition and of the time when and place where a hearing on the petition will be held. The hearing must be scheduled not more than ninety days from the date of the order. The commissioner shall publish the order of notice and the petition in five newspapers, one of which must be a daily newspaper published at the state capital, at least two weeks before the hearing upon the petition. By mutual agreement between the petitioning company and the commissioner, the timeframe set forth in this section may be modified, changed, or extended.26.1-07-05. Commissioner to hear petition - General duties. Repealed by S.L. 1995,ch. 280,
CHAPTER 26.1-07CONSOLIDATION OR REINSURANCE OF DOMESTIC COMPANIES26.1-07-01. Domestic companies - Consolidation - Reinsurance. As used in thischapter, "consolidate" includes consolidation and merger and "reinsurance" includes only those obligations ceded or assumed by an assumption agreement. An "assumption agreement" is one that transfers all of the direct insurer's obligations under policies of insurance to another insurer and relieves the transferring insurer of any obligations under the policies. A domestic insurance company organized on the stock, mutual, stipulated premium, or assessment plan may not consolidate with any other company, or reinsure its risks or any part thereof with any other company, or assume or reinsure the whole or any portion of the risks of any other company, except in the manner provided by this chapter.26.1-07-02.Petition for allowance of consolidation or reinsurance.When anycompany described in section 26.1-07-01 proposes to consolidate with any other company, or to enter into any contract of reinsurance, it must file its petition with the commissioner setting forth the terms and conditions of the proposed consolidation or reinsurance contract and asking for approval or modification as provided by this chapter. The company shall file as an exhibit to the petition the proposed consolidation or reinsurance contract.26.1-07-03.Profit by officer or employee prohibited.An officer of a companypetitioning for the right to consolidate or to reinsure and an officer or employee of the state may not receive any compensation or gratuity, either directly or indirectly, for aiding, promoting, or in any manner assisting in the consolidation or reinsurance.26.1-07-04. Notice of petition for consolidation or reinsurance. When a petition isfiled, the commissioner, within thirty days after filing of the petition, shall issue an order requiring notice by mail to each policyholder of the domestic company if any of its policyholders are being reinsured or it is proposing to consolidate with another company, of the pendency of the petition and of the time when and place where a hearing on the petition will be held. The hearing must be scheduled not more than ninety days from the date of the order. The commissioner shall publish the order of notice and the petition in five newspapers, one of which must be a daily newspaper published at the state capital, at least two weeks before the hearing upon the petition. By mutual agreement between the petitioning company and the commissioner, the timeframe set forth in this section may be modified, changed, or extended.26.1-07-05. Commissioner to hear petition - General duties. Repealed by S.L. 1995,ch. 280,