North Dakota Century Code Title 26.1. Insurance § 26.1-50-02. Establishment--Organization

Any insurer or group of insurers may establish a corporation or limited liability company to own and operate the North Dakota low-risk incentive fund.  Except as provided in this chapter, all authority regarding the articles of incorporation or articles of organization is the province of the governing board, which must include a representative of the Bank of North Dakota and the commissioner of commerce or the commissioner's designee.  The Bank of North Dakota shall administer the fund;  however, the governing board is responsible for adopting fund policies and procedures.  The governing board may not distribute more than seventy-five percent of the net profit of the fund in any of the first five years of operation.