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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.
Cite this article: FindLaw.com - North Dakota Century Code Title 26.1. Insurance § 26.1-50-02. Establishment--Organization - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-26-1-insurance/nd-cent-code-sect-26-1-50-02/
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