26.1-03-04. Assets required of cooperative and assessment life associations

26.1-03-04. Assets required of cooperative and assessment life associations Every cooperative or assessment life association authorized to do business in this state shall accumulate and maintain assets in excess of actual liabilities for death losses sustained and expenses incurred equal to two percent of all insurance which the association has in force. The assets must be cash, money on deposit in banks, and securities eligible for investment by insurance companies under this title.