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. 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.