Title 26.1 — Insurance

1. This chapter may be cited as the "Consumer Credit Insurance Model Act". 2. All consumer credit insurance issued or sold in connection with loans or other credit transactions for personal, family, or household purposes is subject to the provisions of this chapter, except: a. In…

For the purposes of this chapter: 1. "Closed-end credit" means a credit transaction that does not meet the definition of open-end credit. 2. "Collateral" means personal property that is pledged as security for the satisfaction of a debt. 3. "Consumer credit insurance" is a genera…

All credit insurance subject to this chapter may be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business therein and may be issued only through holders of licenses or authorizations issued by the commissioner.

Repealed by S.L. 2001, ch. 278, § 12.

The types of consumer credit insurance defined in section 26.1-37-02 may each be written separately or in combination with other types of consumer credit insurance on an individual policy or group policy basis. The commissioner may by rule prohibit or limit any combination.

1. a. Except as otherwise provided in this subsection, the initial amount of credit life insurance may not exceed the total amount repayable under the contract of indebtedness and, when an indebtedness is repayable in substantially equal installments, the amount of insurance may …

1. Effective date of coverage: a. For consumer credit insurance made available to and elected by the debtor before or contemporaneous with a credit transaction to which the insurance relates, the term of the insurance, subject to acceptance by the insurer, commences on the date w…

1. An insurer may revise its schedules of premium rates from time to time and shall file the revised schedules with the commissioner. No insurer may issue any consumer credit insurance policy or group certificate for which the premium rate exceeds that determined by the schedules…

All individual and group credit life insurance and credit accident and health insurance policies and insurance certificates must comply with sections 26.1-33-29 through 26.1-33-32 and 26.1-36-13 through 26.1-36-16, respectively.

Repealed by S.L. 2001, ch. 278, § 12.

Repealed by S.L. 2001, ch. 278, § 12. 26.1-37-12. Effect of credit life and health policy simplification standards on filed policies. Repealed by S.L. 2001, ch. 278, § 12.

1. All claims must be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims must be settled as soon as possible and in accordance with the terms of the insurance contract. 2. All claims must be pai…

When consumer credit insurance is required as additional security for any debt, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing insurance policies owned or controlled by the debtor or of procuring and…

The commissioner may adopt rules to implement this chapter. Whenever the commissioner finds that there has been a violation of this chapter or any rules adopted pursuant to this chapter, and after written notice thereof and hearing given to the insurer or other person authorized …

In addition to any other penalty provided by law, any person violating an order of the commissioner after it has become final, and while the order is in effect, upon proof thereof to the satisfaction of the court, shall forfeit and pay to this state a sum not to exceed two hundre…