North Dakota § 26.1-03.1-10 Foreign insurers

North Dakota Statutes

§ 26.1-03.1-10 — Foreign insurers

North Dakota § 26.1-03.1-10

Title 26.1Insurance

Ch. 26.1-03.1Risk-Based Capital Reports

This text of North Dakota § 26.1-03.1-10 (Foreign insurers) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-03.1-10 (2026).

Text

1.Upon the written request of the commissioner, any foreign insurer shall submit to the commissioner a risk-based capital report as of the end of the calendar year just ended, the later of:

a.The date a risk-based capital report would be required to be filed by a domestic insurer under this chapter; or

b.Fifteen days after the request is received by the foreign insurer. At the written request of the commissioner, any foreign insurer shall promptly submit to the commissioner a copy of any risk-based capital plan that is filed with the insurance commissioner of another state.

2.In the event of a company action level event, regulatory action level event, or authorized control level event, with respect to any foreign insurer as determined under the risk-based capital statute applicable in

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1. Upon the written request of the commissioner, any foreign insurer shall submit to the
commissioner a risk-based capital report as of the end of the calendar year just ended,
the later of:
a. The date a risk-based capital report would be required to be filed by a domestic
insurer under this chapter; or
b. Fifteen days after the request is received by the foreign insurer.
At the written request of the commissioner, any foreign insurer shall promptly submit to
the commissioner a copy of any risk-based capital plan that is filed with the insurance
commissioner of another state.
2. In the event of a company action level event, regulatory action level event, or
authorized control level event, with respect to any foreign insurer as determined under
the risk-based capital statute applicable in the state of domicile of the insurer, or, if no
risk-based capital provision is in force in that state, under the provisions of this
chapter, if the insurance commissioner of the state of domicile of the foreign insurer
fails to require the foreign insurer to file a risk-based capital plan in the manner
specified under that state's risk-based capital statute, or, if no risk-based capital
provision is in force in the state, the commissioner may require the foreign insurer to
file a risk-based capital plan with the commissioner under section 26.1-03.1-03. In
such event, the failure of the foreign insurer to file a risk-based capital plan with the

commissioner is grounds to order the insurer to cease and desist from writing new
insurance business in this state.
3. In the event of a mandatory control level event with respect to any foreign insurer, if no
domiciliary receiver has been appointed with respect to the foreign insurer under the
rehabilitation and liquidation statute applicable in the state of domicile of the foreign
insurer, the commissioner may make application to the district court permitted under
section 26.1-06.1-04 with respect to the liquidation of property of foreign insurers
found in this state, and the occurrence of the mandatory control level event is
adequate grounds for the application.