Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-31.1-01 Definitions
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As used in this chapter: 1. "Actuary" means a person who is a member in good standing of the American academy of actuaries. 2. "Controlling person" means any person, firm, association, corporation, or limited liability company who directly or indirectly has the power to direct or…
N.D.C.C. § 26.1-31.1-02 Licensure
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1. No person, firm, association, or corporation may act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a cor…
N.D.C.C. § 26.1-31.1-03 Required contract provisions - Reinsurance intermediary-brokers
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Transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity may only be entered into, pursuant to a written authorization, specifying the responsibilities of each party. The authorization must, at a minimum, contain provisions that: 1. Th…
N.D.C.C. § 26.1-31.1-04 Books and records - Reinsurance intermediary-brokers
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1. For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker will keep a complete record for each transaction showing: a. The type of contract, limits, underwriting restrictions, …
N.D.C.C. § 26.1-31.1-06 Required contract provisions - Reinsurance intermediary-managers
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Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity may only be entered into pursuant to a written contract, approved by the reinsurer's board of directors, which specifies the responsibilities of each party. At least thirty da…
N.D.C.C. § 26.1-31.1-07 Prohibited acts
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The reinsurance intermediary-manager may not: 1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsuranc…
N.D.C.C. § 26.1-31.1-09 Examination authority
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1. A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. 2. A reinsurance intermediary-manager may be examined as …
N.D.C.C. § 26.1-31.1-10 Penalties and liabilities
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1. If the commissioner determines that the reinsurance intermediary or any other person has not materially complied with this chapter, or any rule or order adopted under this chapter, after notice and opportunity to be heard, the commissioner may order: a. For each separate viola…
N.D.C.C. § 26.1-31.1-11 Rules
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The commissioner may adopt reasonable rules for the implementation and administration of the provisions of this chapter.
N.D.C.C. § 26.1-31.1-12 Effective date
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No insurer or reinsurer may continue to utilize the services of a reinsurance intermediary after July 7, 1991, unless utilization is in compliance with this chapter.