Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 6601 License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6601. License Required. (a) Before any person may operate an offshore bank in the Commonwealth, a written license issued by the director shall be obtained, except as specifically exempted by subsection (…
4 CMC § 6602 Requirements for Issuance of License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6602. Requirements for Issuance of License. The director shall promptly issue an offshore banking license when the applicant has met the following requirements: (a) It is duly incorporated under the laws…
4 CMC § 6603 Duty to Report Transfer
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6603. Duty to Report Transfer. Upon any transfer of stock in an offshore bank which results in the ownership of more than 10 percent of the stock by a person for whom a report pursuant to 4 CMC § 6602(e)…
4 CMC § 6604 Reporting Requirements: Preservation of Confidences
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6604. Reporting Requirements: Preservation of Confidences. (a) Each offshore bank shall submit to the director a report of its condition as of January 1 and June 1 of each year. The reports shall contain…
4 CMC § 6605 Prohibited Act
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6605. Prohibited Act. An offshore bank shall not make loans, accept deposits, or borrow funds in any form from a resident of the Commonwealth. Source: PL 3-104, § 804.
4 CMC § 6606 Accounts to be Kept
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6606. Accounts to be Kept. An offshore bank shall record in the Commonwealth, for accounting purposes, all its loans, borrowings and business transactions, in the English language. Source: PL 3-104, § 80…
4 CMC § 7601 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7601. Definitions. [Reserved] [Reserved. See Commission Comment.] Source: PL 18-34 § 2 (Feb. 14, 2014). Commission Comment: PL 18-34 (effective Feb. 14, 2014) created a new Chapter 6 of Title 4, Division 7 of the Commonwealth Co…
4 CMC § 7602 Purpose, Intent of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7602. Purpose, Intent of Chapter. The purpose of this chapter is to promote the public welfare by regulating health insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, to authorize…
4 CMC § 7603 Application of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7603. Application of Chapter. This chapter applies to all forms of insurance on risks or operations in the Commonwealth, including health insurance, except: (a) Reinsurance, as defined in 4 CMC § 7507, other than joint reinsuran…
4 CMC § 7604 Remedies of Commissioner for Violation of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7604. Remedies of Commissioner for Violations of Chapter. (a) If the Commissioner has reason to believe that a rate, rating plan, or rating system filed or used by a health insurance issuer or filed by a rating or advisory organ…
4 CMC § 7605 Filing Rates, Plans with Commissioner; Prior Approval by Commissioner; Public Inspection of Rate Filings; Mandatory Rate and Forms Filing as Prescribed by Regulation
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7605. Filing Rates, Plans with Commissioner; Prior Approval by Commissioner; Public Inspection of Rate Filings. (a) Every insurer shall file with the Commissioner copies of the rates, rating plans, and rating systems used by it.…
4 CMC § 7606 Hearings on Rate Filings Pursuant to 4 CMC § 7605; Order; Review
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7606. Hearings on Rate Filings Pursuant to 4 CMC § 7605; Order; Review. (a) The Commissioner may hold a hearing on a filing made pursuant to 4 CMC § 7605 if the Commissioner determines that such a hearing would aid the Commissio…
4 CMC § 7607 Effect of Noncompliance with Rating Regulation
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7607. Effect of Noncompliance with Rating Regulation. If the Commissioner has reason to believe that noncompliance by an insurer with the requirements and standards of this chapter to be willful, or if within the period prescrib…
4 CMC § 7608 Record Requirements; Inspection; Statistics
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7608. Records Requirements; Inspection; Statistics. (a) Each insurer, rating organization or advisory organization shall maintain reasonable records, of the type and kind reasonably adapted to its method of operation, of its exp…
4 CMC § 7609 Data Must Include Certain Information
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7609. Data Must Include Certain Information. The data collected and maintained by each insurer, rating organization or advisory organization pursuant to 4 CMC § 7610 shall be in sufficient detail to demonstrate the statistical s…
4 CMC § 7610 Examining Rating Systems of Insurers; Costs
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7610. Examining Rating Systems of Insurers; Costs. (a) The Commissioner may make or cause to be made an examination of every insurer transacting any class of insurance to which the provisions of this division are applicable to a…
4 CMC § 7611 Collusive Ratings Prohibited; Liability for Damages
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7611. Collusive Ratings Prohibited; Liability for Damages. In the event any insurer shall in collusion with any other insurer conspire to fix, set, or adhere to insurance rates except as expressly sanctioned by the Insurance Cod…
4 CMC § 7612 Authority for Cooperative Ratings and Systems
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7612. Authority for Cooperative Ratings and Systems. Subject to and in compliance with the provisions of this chapter authorizing insurers to be members or subscribers of rating or advisory organizations or to engage in joint un…
4 CMC § 7613 Unauthorized Adherence to Rates, Rating Systems
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7613. Unauthorized Adherence to Rates, Rating Systems. Members and subscribers of rating or advisory organizations may use the rates, rating systems, underwriting rules or policy or bond forms of such organizations, either consi…
4 CMC § 7614 Preparation of Rates, Rating Systems, and Other Administrative Matters by Insurers Under Common Ownership
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7614. Preparation of Rates, Rating Systems, and Other Administrative Matters by Insurers under Common Ownership. With respect to any matters pertaining to the making of rates or rating systems, the preparation or making of insur…
4 CMC § 7615 Method of Rate Making; Factors Considered; Rules
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 7615. Method of Rate Making; Factors Considered; Rules. The following standards shall apply to the making and use of rates: (a) Rates shall not be excessive, inadequate, or unfairly discriminatory. (b) As to all class…
4 CMC § 7616 Agreements Among Insurers for Assignment of Risks; Rate Modifications
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7616. Agreements among Insurers for Assignment of Risks; Rate Modifications. Agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in g…
4 CMC § 7617 Suspension or Modification of Filing Requirement; Rules; Excess Rates for Specific Risks
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7617. Suspension or Modification of Filing Requirement; Rules; Excess Rates for Specific Risks. (a) Under such rules and regulations as the Commissioner, by written order, may suspend or modify the requirement of filing as to an…
4 CMC § 7618 Contracts to Comply with Effective Filings; Exception
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7618. Contracts to Comply with Effective Filings; Exception. No insurer shall make or issue a policy except in accordance with the filings which are in effect for the insurer as provided in this chapter. Source: PL 18-34 § 5(761…
4 CMC § 7619 Disapproval of Filings by Commissioner; Noncompliance with Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7619. Disapproval of Filings by Commissioner; Noncompliance with Chapter. (a) If within the waiting period or the extension thereof, if any, as provided in 4 CMC § 7617(b), the Commissioner finds that a filing does not meet the …
4 CMC § 7620 Initiation of Proceedings by Aggrieved Person to Determine Lawfulness of Filings; Hearing
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7620. Initiation of Proceedings by Aggrieved Persons to Determine Lawfulness of Filings; Hearing. (a) Any person aggrieved with respect to any filing that is in effect, other than the insurer or rating organization that made the…
4 CMC § 7621 Hearing and Order Procedure
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7621. Hearing and Order Procedure. Conduct of the hearing, issuance of orders pursuant thereto, and judicial review of orders shall be as provided in 1 CMC § 9101 et seq. Source: PL 18-34 § 5(7620) (Feb. 14, 2014), modified. Com…
4 CMC § 7622 Application for License by Rating Organization
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7622. Application for License by Rating Organization. No rating organization shall conduct its operations in the Commonwealth without first filing with the Commissioner a written application for a license as a rating organizatio…
4 CMC § 7623 Licensing Rating Organizations Generally; Rules; Revocation and Suspension; Fees
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7623. Licensing Rating Organizations Generally; Rules; Revocation and Suspension; Fees. (a) If the Commissioner finds that the applicant represents a credible statistical base, is competent, trustworthy and otherwise qualified t…
4 CMC § 7624 Rating Organization to Accept Insurers as Subscribers; Rules of Organization to be Reasonable; Review of Applications for Subscribership and of Reasonableness of Rules
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7624. Rating Organization to Accept Insurers as Subscribers; Rules of Organization to be Reasonable; Review of Applications for Subscribership and of Reasonableness of Rules. (a) Subject to rules and regulations which have been …
4 CMC § 7625 Cooperative Activities among Rating Organizations and Insurers
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7625. Cooperative Activities among Rating Organizations and Insurers. (a) Cooperation among rating organizations or among rating organizations and insurers in rate making or in other matters within the scope of this chapter here…
4 CMC § 7626 Regulation of Joint Underwriting and Joint Reinsurance
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7626. Regulation of Joint Underwriting and Joint Reinsurance. No group, association or other organization of insurers which engages in joint underwriting or joint reinsurance shall engage in any activity which is unfair, unreaso…
4 CMC § 7627 Insured Entitled to Rate Information; Remedies of Aggrieved Persons
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7627. Insured Entitled to Rate Information; Remedies of Aggrieved Persons. (a) Every rating organization and every insurer which makes its own rates, within a reasonable time after receiving written request therefor and upon pay…
4 CMC § 7628 Advisory Organizations; Registration; Jurisdiction of Commissioner to Restrict Unfair Practices
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7628. Advisory Organizations; Registration; Jurisdiction of Commissioner to Restrict Unfair Practices. (a) Every advisory organization shall file with the Commissioner: (1) A copy of its constitution, its articles of agreement o…
4 CMC § 7629 Filing of Health Insurance Premium Rates; Rules
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7629. Filing of Health Insurance Premium Rates; Rules. (a) Every insurer shall file with the Commissioner all schedules and tables of premium rates for health insurance to be used on risks in the Commonwealth, and shall file any…
4 CMC § 7630 Public Comment on Proposed Rates for Health Insurance
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7630. Public Comment on Proposed Rates for Health Insurance. (a) When an insurer files a schedule or table of premium rates for individual, portability, or small employer health insurance under 4 CMC § 7629, the Commissioner sha…
4 CMC § 7631 Rate Filing to Include Statement of Administrative Expenses; Rules
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7631. Rate Filing to Include Statement of Administrative Expenses; Rules. An insurer licensed by the Commissioner shall include in any rate filing under 4 CMC § 7629 with respect to individual and small group health insurance po…
4 CMC § 7632 Insurer Examinations
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7632. Insurer Examinations. (a) The Commissioner shall examine every authorized insurer, including an audit of the financial affairs of such insurer, as often as the Commissioner determines an examination to be necessary but at …
4 CMC § 7633 Examination of Rating, Advisory, and Other Organizations; Payment of Costs; Acceptance of Report for Another State
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7633. Examination of Rating, Advisory, and Other Organizations; Payment of Costs; Acceptance of Report from Another State. (a) The Commissioner may make or cause to be made an examination of each rating and advisory organization…
4 CMC § 7634 Interchange of Data; Rules; Promoting Uniformity of Rating Laws
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7634. Interchange of Data; Rules; Promoting Uniformity of Rating Laws. (a) Reasonable rules and plans may be promulgated by the Commissioner for the interchange of data necessary for the application of rating plans. (b) In order…
4 CMC § 7635 Withholding or Giving False Information Prohibited
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7635. Withholding or Giving False Information Prohibited. No person shall willfully withhold information from or knowingly give false or misleading information to the Commissioner, to any statistical agency designated by the Com…
4 CMC § 7636 Procedure for Suspension of Rating Organization License
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7636. Procedure for Suspension of Rating Organization License. The Commissioner may suspend the license of any rating organization which fails to comply with an order of the Commissioner within the time limited by such order, or…
4 CMC § 7637 Rating Organization Membership
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7637. Rating Organization Membership. Nothing contained in this chapter shall be construed as requiring any insurer to become a member of or a subscriber to any rating organization. Source: PL 18-34 § 5(7637) (Feb. 14, 2014), mo…
4 CMC § 7638 Extended Powers of the CNMI Insurance Commissioner
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7368. Extended Powers of the CNMI Insurance Commissioner. The CNMI Insurance Commissioner shall have the authority expressly conferred to the state by the Affordable Care Act [42 U.S.C. 300gg-22(b)] any public law or federal leg…
4 CMC § 9601 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 9: LABOR § 9601. Definitions. As used in this chapter: (a) “Administrator” means the Administrator of the Wage and Hour Division of the United States Department of Labor. (b) “Commonwealth” means in the Commonwealth of the Northern Mariana Isl…
4 CMC § 9602 Special Industry Committees for the Commonwealth of the Northern Mariana Islands
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TITLE 4: ECONOMIC RESOURCES DIVISION 9: LABOR § 9602. Special Industry Committees for the Commonwealth of the Northern Mariana Islands. (a) Establishment: basic committee requirements. The Governor, shall as soon as practicable: (1) Appoint a special industry committee to recomme…
4 CMC § 9603 Legislative Action Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 9: LABOR § 9603. Legislative Action Required. The legislature shall act within 120 days upon receipt of a written report from a wage review committee pursuant to 1 CMC § 2602(e)(1)(i); provided, that any action taken by the legislature shall n…