Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
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…
4 CMC § 10701 Public Debt Authorization
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10701. Public Debt Authorization. This article is a bond authorization act within the meaning of PL 11-3 (4 CMC §§ 10451 et seq.). The Commonwealth Economic Development Authority (CEDA) on beha…
4 CMC § 1701 Application of the Internal Revenue Code, In General
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1701. Application of the Internal Revenue Code, In General. (a) The United States Internal Revenue Code (“Internal Revenue Code” or “IRC”), made applicable by this chapter, is a statute adopted as a local territorial …
4 CMC § 1702 Internal Revenue Code Adopted
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1702. Internal Revenue Code Adopted. (a) Definition: Internal Revenue Code. “Internal Revenue Code” means the following provisions of the Internal Revenue Code of 1986 as further amended as below specified, where not …
4 CMC § 1703 Nonretroactivity of Tax on Commonwealth Sourced Income
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1703. Nonretroactivity of Tax on Commonwealth Sourced Income. In regard to the taxation under the NMTIT of income accruing on or prior to January 1, 1985, the NMTIT shall in all cases be interpreted as subjecting to t…
4 CMC § 1704 Anti-Avoidance
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1704. Anti-Avoidance. Deductions and Credits. In order to prevent the mismatching of income and corresponding deductions and credits, which, in a start-up setting, would result in complete avoidance and not just defer…
4 CMC § 1705 Clarifying Provisions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1705. Clarifying Provisions. (a) The accelerated cost recovery system shall be applicable to all qualified fresh-start assets, which shall be treated as used property for all NMTIT purposes. (b) No credit under NMTIT …
4 CMC § 1706 Disincentives to Off-island Investment
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1706. Disincentives to Off-island Investment. (a) The amount of any deduction allowed to any taxpayer under the NMTIT sections enumerated in subsection (d) of this section shall be deemed additional gross business rev…
4 CMC § 1707 Private Letter Ruling Procedures
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1707. Private Letter Ruling Procedures. (a) A ruling is a written statement issued to a taxpayer or his authorized representative by the Secretary of Finance which interprets and applies the tax law to a specific set …
4 CMC § 1708 Tax Relief
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TITLE 4: ECONOMIC RESOURCES § 1708 DIVISION 1: REVENUE AND TAXATION § 1708. Tax Relief. (a) General Rule. Every person subject to the NMTIT shall be entitled to a rebate in the amount determined under subsection (b) of this section. Every taxpayer shall be entitled to apply all o…
4 CMC § 1709 Tax on Overpayments
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1709. Tax On Overpayments. There is imposed on every person who is subject to the NMTIT and who has an overpayment arising from any excessive credit, other than a credit relating to taxes withheld at the source, such …
4 CMC § 1710 Foreign Sales Corporations Special Rule
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1710. Foreign Sales Corporations Special Rule. To the extent provided in chapter 6 of this division [4 CMC § 1601 et seq.], a foreign sales corporation is exempt from taxation under this chapter. Source: PL 9-22, § 1 …
4 CMC § 1711 Rebate Offset Procedure
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1711. Rebate Offset Procedure. (a) Amounts properly subject to rebate offset under 4 CMC § 1708 shall be rebated by filing a timely income tax return which includes the claim for rebate offset form for the taxable yea…
4 CMC § 1712 Special Sourcing Rules of Certain United States Individuals
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1712. Special Sourcing Rules of Certain United States Individuals. (a) For any United States individual moving to the Commonwealth from Guam, American Samoa, and/or the United States, irrespective of any other provisi…
4 CMC § 1713 Interest on Overpayments
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1713. Interest on Overpayments. Interest as allowed by NMTIT Section 6611 on an overpayment shall be calculated only on the amount not already rebated. Source: PL 9-22, § 1 (§ 1713).
4 CMC § 1714 Special Rebate Trust Account
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1714. Special Rebate Trust Account. At least 50 percent of all amounts paid to the government with respect to taxes imposed under this chapter shall not be placed into the General Fund or commingled with other funds, …
4 CMC § 1715 Shortfall in Trust Account
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1715. Shortfall in Trust Account. With regard to the trust accounts created and authorized by 4 CMC § 1714, if the Secretary of Finance deems it necessary because there are insufficient trust account proceeds, he may …
4 CMC § 1716 Exemption From Rebate Limitation
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1716. Exemption From Rebate Limitation. Notwithstanding the rebate limitation set forth in 4 CMC § 1708(d)(1), the rebate offset amount shall be allowed on any income tax paid on interest income received by the financ…
4 CMC § 1717 Special Rebate Trust Account for Business Located Within Economic Incentive District(s)
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TITLE 4: ECONOMIC RESOURCES § 1717 DIVISION 1: REVENUE AND TAXATION § 1717. Special Rebate Trust Account for Business Located Within Economic Incentive District(s). One hundred percent of all amounts paid to the government by Economic Incentive District licensees with respect to …
4 CMC § 4391 Annual Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4391. Annual Meeting. (a) A corporation shall hold annually at a time in or fixed in accordance with the bylaws a meeting of shareholders. (b) Annual shareholders’ meetings may be held in or out…
4 CMC § 4392 Special Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4392. Special Meeting. (a) A corporation shall hold a special meeting of shareholders: (1) On call of its board of directors or the person or persons authorized to do so by the articles of incor…
4 CMC § 4393 Court-Ordered Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4393. Court-Ordered Meeting. (a) The Commonwealth Superior Court may summarily order a meeting to be held: (1) On application of any shareholder of the corporation entitled to participate in ann…
4 CMC § 4394 Action Without Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4394. Action Without Meeting. (a) Action required or permitted by this part to be taken at a shareholders’ meeting may be taken without a meeting if the action is taken by all the shareholders e…
4 CMC § 4395 Notice of Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4395. Notice of Meeting. (a) A corporation shall notify shareholders of the date, time, and place of each annual and special shareholder’s meeting no fewer than 10 nor more than 60 days before t…
4 CMC § 4396 Waiver of Notice
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4396. Waiver of Notice. (a) A shareholder may waive any notice required by this part, the articles of incorporation, or bylaws before or after the date and time stated in the notice. The waiver …
4 CMC § 4397 Record Date
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4397. Record Date. (a) The bylaws may fix or provide the manner of fixing the record date for one or more voting groups in order to determine the shareholders entitled to notice of a shareholder…
4 CMC § 4401 Shareholders' List for Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4401. Shareholders’ List for Meeting. (a) After fixing a record date for a meeting, a corporation shall prepare an alphabetical list of the names of all its shareholders who are entitled to noti…
4 CMC § 4402 Voting Entitlement of Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4402. Voting Entitlement of Shares. (a) Except as provided in subsections (b) and (c) of this section or unless the articles of incorporation provide otherwise, each outstanding share, regardles…
4 CMC § 4403 Proxies
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4403. Proxies. (a) A shareholder may vote his share in person or by proxy. (b) A shareholder may appoint a proxy to vote or otherwise act for him by signing an appointment form, either personall…
4 CMC § 4404 Shares Held by Nominees
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4404. Shares Held by Nominees. (a) A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognition may be determined i…