Regulation of Insurance Providers

Regulation of Insurance Providers. (a) No person shall engage in the business of providing any kind of motor vehicle liability insurance for the operation of any motor vehicle within the Commonwealth unless they have a valid Insurance Provider's License, issued by the Insurance Commissioner. The annual fee for such license shall be $250. Such license may be revoked or suspended, temporarily or permanently, as provided in this chapter and as provided in any regulations authorized by this chapter. A violation of this section shall constitute a violation of the Consumer Protection Act, at 4 CMC §§ 5101 et seq., as amended, and in addition to the penalties as provided in this chapter or any other applicable laws, shall subject any violator thereof to any of the civil and/or criminal penalties contained therein at 4 CMC §§ 5121(b) and 5122. For the purposes of this section, an insurance provider shall be considered a “merchant” under 4 CMC § 5122. (b) As provided in the Administrative Procedure Act, at 9 CMC §§ 9101 et seq., the Insurance Commissioner shall within 60 days of the effective date of this chapter promulgate such rules and regulations, to have the force and effect of law, as are necessary to implement this chapter, and may thereafter amend such rules and regulations. Source: PL 11-55, § 6 (§ 8107), modified.