Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-33.4-01 Definitions
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As used in this chapter, unless the context requires otherwise: 1. "Advertisement" means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio; television; the internet; or similar communications med…
N.D.C.C. § 26.1-33.4-02 Licensing and bonding requirements
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1. A person, wherever located, may not act as a provider or broker with an owner or multiple owners who is a resident of this state without first having obtained a license from the commissioner. If there is more than one owner on a single policy and the owners are residents of di…
N.D.C.C. § 26.1-33.4-03 License suspension, revocation, or refusal to renew
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1. The commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that: a. There was any material misrepresentation in the application for the license; b. The licensee or any officer, partner, member, or director has been guilty of …
N.D.C.C. § 26.1-33.4-04 Contract requirements
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1. A person may not use any form of life settlement contract in this state unless the contract has been filed with and approved, if required, by the commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life…
N.D.C.C. § 26.1-33.4-05 Reporting requirements and privacy
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1. For any policy settled within five years of policy issuance, each provider shall file with the commissioner before March first of each year an annual statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, t…
N.D.C.C. § 26.1-33.4-06 Examination
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1. The commissioner, when the commissioner deems it reasonably necessary to protect the interests of the public, may examine the business and affairs of any licensee or applicant for a license. The commissioner may order any licensee or applicant to produce any records, books, fi…
N.D.C.C. § 26.1-33.4-07 Advertising
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1. A broker or provider licensed pursuant to this chapter may conduct or participate in advertisements within this state. Advertisements must comply with all advertising and marketing laws or rules adopted by the commissioner which are applicable to life insurers or to brokers an…
N.D.C.C. § 26.1-33.4-08 Disclosures to owners
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1. The provider shall provide in writing, in a separate document that is signed by the owner and provider, the following information to the owner no later than the date the life settlement contract is signed by all parties: a. The fact that possible alternatives to life settlemen…
N.D.C.C. § 26.1-33.4-09 Disclosure to insurer
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Without limiting the ability of an insurer from assessing the insurability of a policy applicant and determining whether to issue the policy, and in addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, insurance carriers may inquire in…
N.D.C.C. § 26.1-33.4-10 General rules
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1. A provider entering a life settlement contract with any owner of a policy, wherein the insured is terminally or chronically ill, first shall obtain: a. If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and unde…
N.D.C.C. § 26.1-33.4-11 Authority to adopt regulations - Conflict of laws
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1. The commissioner may adopt rules implementing this chapter and regulating the activities and relationships of providers, brokers, and insurers and their agents. 2. The commissioner may establish standards for evaluating reasonableness of a payment under a life settlement contr…
N.D.C.C. § 26.1-33.4-12 Prohibited practices
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1. It is unlawful for any person to: a. Enter a life settlement contract if such person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for such policy; b. Engage in any transaction, pract…
N.D.C.C. § 26.1-33.4-13 Fraud prevention and control
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1. a. A person may not commit a fraudulent life settlement act. b. A person may not knowingly and intentionally interfere with the enforcement of the provisions of this chapter or investigations of suspected or actual violations of this chapter. c. A person in the business of lif…
N.D.C.C. § 26.1-33.4-14 Injunctions - Civil remedies - Cease and desist
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1. In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule implementing this chapter, the commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has …
N.D.C.C. § 26.1-33.4-15 Penalties
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1. It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act. 2. For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty o…
N.D.C.C. § 26.1-33.4-16 Unfair trade practices
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A violation of this chapter is considered an unfair trade practice pursuant to state law and subject to the penalties provided by state law.