North Dakota Code 26.1-03-04 – Assets required of cooperative and assessment life associations
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Every cooperative or assessment life association authorized to do business in this state shall accumulate and maintain assets in excess of actual liabilities for death losses sustained and expenses incurred equal to two percent of all insurance which the association has in force.
Terms Used In North Dakota Code 26.1-03-04
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
The assets must be cash, money on deposit in banks, and securities eligible for investment by insurance companies under this title.