The company may not be a member insurer under chapter 26.1 -42.1 unless the board of directors by appropriate resolution, certified to and filed with the commissioner on or before December thirty -first following the issuance of its certificate of authority, elects to become a member. If there is an affirmative election, the company becomes a member of the insurance guaranty association effective July first of the following year. The election is irrevocable. In absence of a timely election, no policyholder, claimant, or creditor of the company may receive any payment by the insurance guaranty association.
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