The North Dakota workforce safety and insurance may establish a stock insurance company to provide extraterritorial workforce safety and insurance, other states insurance, and employer’s liability insurance to North Dakota employers insured by the organization. The capital stock and surplus for the company must be paid out of the workforce safety and insurance fund. The company shall have capital stock of at least five hundred thousand dollars and a surplus of at least five hundred thousand dollars. The company may not issue an insurance policy until fifty percent of the required capital stock and all of the required surplus have been paid in, and the residue of capital stock must be paid in within twelve months from the time of filing the articles of incorporation. The organization is the sole stockholder of the company. The company must be incorporated pursuant to the laws of this state and is subject to title 26.1 unless otherwise provided.