North Dakota Code 65-02-13.1 – Expenditures by organization for reinsurance and extraterritorial coverage and other states’ insurance – Report in annual financial audit
Current as of: 2023 | Check for updates
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There is appropriated out of the workforce safety and insurance fund, as a continuing appropriation, an amount necessary to allow the organization to establish a program of reinsurance and a program of extraterritorial coverage and other states’ insurance. The organization may execute a contract for reinsurance and a contract for extraterritorial coverage and other states’ insurance binding on the organization and the contracting party. The term identified in the contract may extend past the end of the biennium in which a contract under this section is executed. The independent annual financial audit report on the organization shall report on any contract executed pursuant to this section.
Terms Used In North Dakota Code 65-02-13.1
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49