Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-10.2-01 Definitions
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1. "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in chapter 26.1-10. 2. "Insurer" has the same meaning as set forth in section 26.1-29-02, except the term does not include agencies, authorities, or instrumenta…
N.D.C.C. § 26.1-10.2-02 Risk management framework
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An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the material and relevant risks of the insurer. This requirement may be satisfied if the insurance group of which the insurer is a membe…
N.D.C.C. § 26.1-10.2-03 Own risk and solvency assessment requirement
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Subject to section 26.1-10.2-05, an insurer, or the insurance group of which the insurer is a member, regularly shall conduct an own risk and solvency assessment consistent with a process comparable to the own risk and solvency assessment guidance manual. The own risk and solvenc…
N.D.C.C. § 26.1-10.2-04 Own risk and solvency assessment summary report
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1. Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessmen…
N.D.C.C. § 26.1-10.2-05 Exemption
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1. An insurer is exempt from the requirements of this chapter if: a. The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the federal crop insurance corporation and federa…
N.D.C.C. § 26.1-10.2-06 Contents of an own risk and solvency assessment summary report
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1. The own risk and solvency assessment summary report must be prepared consistent with the own risk and solvency assessment guidance manual subject to the requirements of subsection 2. Documentation and supporting information must be maintained and made available upon examinatio…
N.D.C.C. § 26.1-10.2-07 Confidentiality
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1. Any document, material, or other information, including the own risk and solvency assessment summary report, in the possession of or control of the insurance department which is obtained by, created by, or disclosed to the commissioner or any other person under this chapter, i…
N.D.C.C. § 26.1-10.2-08 Sanctions - Penalty
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Any insurer failing, without just cause, to timely file the own risk and solvency assessment summary report as required in this chapter, after notice and hearing, shall pay a penalty of one thousand dollars for each day's delay. The commissioner may reduce the penalty if the insu…