Subsequent offerings.

45-03-22-06. Subsequent offerings. Notwithstanding the provisions of section 45-03-22-05, stock offerings that are not initial stock offerings must be approved by the commissioner and must be made in accordance with the following: 1. If an insurance company subsidiary of a mutual insurance holding company, an intermediate holding company subsidiary of a mutual insurance holding company, or an insurance company subsidiary of an intermediate holding company subsidiary to a mutual insurance holding company intends to make a stock offering that would be governed by the provisions of this section, then that entity must deliver to the commissioner, not less than thirty days prior to the offering, a notice of the planned offering which includes: a. The total number of shares to be offered; b. The intended date of sale; c. A record of the trading price and volume of the security during the prior fifty-two weeks; d. Evidence that, after the completion of the offering, the mutual insurance holding company will retain ownership of a majority of the voting shares of the capital stock of the reorganized insurer as required by North Dakota Century Code section 26.1-12.1-02; and e. Such other information the commissioner may deem necessary. 5 2. Unless otherwise provided, the commissioner's approval of an offering expires one hundred eighty days after the date of the commissioner's order unless otherwise extended in writing by the commissioner. History: Effective February 1, 2000. General Authority: NDCC 28-32-02 Law Implemented: NDCC 26.1-12.1