General rules

1. A merger or acquisition not subject to North Dakota Century Code chapter 26.1-12.1 involving a mutual insurance holding company must be approved by the commissioner pursuant to North Dakota Century Code chapter 26.1-07. 2. Each domestic mutual insurance holding company shall provide to the commissioner an audited annual statement based upon generally accepted accounting principles and statutory accounting principles by June first of each year. 3. Unless otherwise specified by the commissioner, the mutual insurance holding company's annual statement must include: a. An income statement. b. A balance sheet. c. A cash flow statement. d. An investment plan covering all assets. e. A statement disclosing any intention or agreement to pledge, borrow against, alienate, hypothecate, or otherwise encumber the assets of the mutual insurance holding company. f. Complete information on the composition and status of any closed block formed as a part of a plan of reorganization. 4. At least fifty percent of the net worth of a mutual insurance holding company as determined under generally accepted accounting principles must be invested in insurance company subsidiaries.