ND HB1153

Allows nonprofit health service corporations with sufficient assets to convert to nonprofit mutual insurance companies by petitioning the insurance commissioner, following consolidation procedures under chapter 26.1-07.

Prohibits converted nonprofit mutual insurance companies from demutualizing, converting to for-profit entities, selling substantially all assets, merging with stock companies, or issuing stock, except through a restructuring under subsection 12.

Enables nonprofit mutual insurance companies to form wholly owned subsidiaries for administering medicare claims and non-insurance business activities, with restrictions on officer and director ownership interests.

Establishes a restructuring process allowing nonprofit mutual insurance companies to form a nonprofit holding corporation parent while remaining nonprofit, subject to commissioner approval based on six specific criteria regarding financial stability, competition, and policyholder protection.

Designates the act as an emergency measure and preserves the rights of the state attorney general and courts with respect to charitable and benevolent corporations.