Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-20.1-01 Definitions
0.8K chars
In this chapter, unless the context otherwise requires: 1. "Insurance premium finance company" means a person engaged in the business of entering into or acquiring insurance premium finance agreements. 2. "Licensee" means a person holding a license issued under this chapter. 3. "…
N.D.C.C. § 26.1-20.1-02 License required - Renewal - Application
1.2K chars
1. No person may finance insurance premiums in this state without a license issued by the commissioner. Licenses may be renewed each year upon payment of the required fee. 2. The commissioner shall issue or renew a license if the commissioner finds that the person to be licensed:…
N.D.C.C. § 26.1-20.1-03 License suspension, revocation, or refusal - Grounds
0.8K chars
The commissioner may, after notice to the licensee and a hearing, suspend, revoke, or refuse to continue or refuse to issue any license issued under this chapter if the commissioner finds any of the following conditions: 1. The licensee acquired or attempted to acquire a license …
N.D.C.C. § 26.1-20.1-04 Interrogatories
0.3K chars
A person who applies for a license or the renewal of a license shall file sworn answers to interrogatories if requested by the commissioner. The commissioner may, at any time, require the applicant to fully disclose the identity of all stockholders, partners, officers, and employ…
N.D.C.C. § 26.1-20.1-05 Books and records
0.5K chars
Every licensee shall maintain books and records, satisfactory to the commissioner, of the licensee's premium finance agreements. The records must be maintained for a period of three years after making the final entry with respect to a premium finance agreement. The records may be…
N.D.C.C. § 26.1-20.1-06 Contents of insurance premium finance agreement
1.9K chars
1. A premium finance agreement must: a. Be dated and signed by or on behalf of the insured, and the printed portion of the agreement must be in at least eight-point type; b. Contain the name and place of business of the insurance producer negotiating the related insurance policy,…
N.D.C.C. § 26.1-20.1-07 Maximum finance charge
2.2K chars
1. No insurance premium finance company may charge, contract for, receive, or collect a finance charge plus a flat service fee with respect to a premium finance agreement other than as permitted by this section. 2. The finance charge must be computed on the premiums due after sub…
N.D.C.C. § 26.1-20.1-08 Delinquency and cancellation charges
0.5K chars
A premium finance agreement may provide for the payment by the insured of a delinquency charge for any payment that is in default for a period of ten days or more. The amount of the delinquency charge may not exceed five dollars. If the default results in the cancellation of any …
N.D.C.C. § 26.1-20.1-09 Cancellation of insurance contract upon default
2.0K chars
If a premium finance agreement contains a power of attorney or other authority enabling the insurance premium finance company to cancel any insurance policy listed in the premium finance agreement, an insurance policy may be canceled by the insurance premium finance company as fo…
N.D.C.C. § 26.1-20.1-10 Application of unearned premiums
1.2K chars
1. Whenever a financed insurance policy or assigned risk policy is canceled, the insurer shall return whatever gross unearned premiums, computed on a pro rata basis, are due under the insurance policy or assigned risk policy to the insurance premium finance company for the accoun…
N.D.C.C. § 26.1-20.1-11 Exemption from filing
0.2K chars
No filing or recording of an insurance premium finance agreement is necessary to perfect the validity of the agreement as a secured transaction against creditors, subsequent purchasers, pledgees, encumbrances, successors, or assigns.
N.D.C.C. § 26.1-20.1-12 Application to premium finance agreements
0.1K chars
This chapter applies to premium finance agreements and amendments to existing premium finance agreements executed after July 1, 1989.