N.D. Admin Code 13-02-14-05 - Documentation
1. In purchasing life insurance for key
person purposes, the bank's board of directors must adequately document in its
minutes the basis for its insurable interest and the basis for the amount of
insurance. The bank's board of directors must also document in its minutes the
basis for determining how that employee or director meets the definition of a
key person.
2. In purchasing life
insurance in connection with compensation and benefit plans for employees,
officers, and directors, the bank's board of directors must approve and
document such plans or programs including the reasonableness of the plans or
programs.
Notes
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-03-02
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.