Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-52-01 Sunrise - Trigger
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The commissioner may implement a property insurance placement facility for those residents who are unable to obtain necessary property insurance through the standard insurance market. The commissioner shall hold a public hearing upon notice of not less than twenty days to determi…
N.D.C.C. § 26.1-52-02 Definitions
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As used in this chapter: 1. "Basic property insurance" means insurance against direct loss to property as defined and limited in standard fire policies and extended coverage endorsements thereon. 2. "Homeowners insurance" means insurance on owner-occupied dwellings providing pers…
N.D.C.C. § 26.1-52-03 Board
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1. A board of directors consisting of seven members shall direct the operations of the property insurance placement facility. The seven members are comprised of five directors from the insurance industry and two public directors as follows: a. Two of the five industry representat…
N.D.C.C. § 26.1-52-04 Facility membership
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Each insurer authorized to write and who is engaged in writing within this state, on a direct basis, basic property insurance or any component thereof in multiperil policies or homeowners insurance shall participate in the facility as a condition of its authority to do the busine…
N.D.C.C. § 26.1-52-05 Coverage and forms
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The plan must use standard policy forms to provide coverage for basic property and homeowners insurance. The plan may not provide coverage for automobile or commercial risks.
N.D.C.C. § 26.1-52-06 Rates
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The facility shall establish rates and may include data from an advisory or statistical organization in the development of its rates. Rates must be submitted to the commissioner for approval prior to use. Rates must be actuarially sound under chapter 26.1-25 and may not actively …
N.D.C.C. § 26.1-52-07 Underwriting
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A person who has been refused coverage, in writing, by at least five standard carriers based on an underwriting, claims, or credit history is eligible to apply to the facility for coverage.
N.D.C.C. § 26.1-52-08 Agents
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A licensed property and casualty agent may submit an application on behalf of an applicant to the facility. The agent is entitled to receive a commission for the service. The agent is not a representative of the facility.
N.D.C.C. § 26.1-52-09 Immunity
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The facility, its members, employees, contractors, agents, and the commissioner are not liable for, nor may a cause of action be brought against them, for statements made in good faith in the course of conducting facility operations and procedures.
N.D.C.C. § 26.1-52-10 Examinations and audits
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The commissioner shall examine the facility every three years. The facility shall submit a financial report and an annual report to the commissioner by April first of each year. The report must include premiums written, losses incurred, loss-adjusting expenses incurred, underwrit…