§ 26.1-05-07.1 — Approval of the domestic insurer - Premium waiver

North Dakota § 26.1-05-07.1

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-05: Organization and Operation of Domestic Companies

Text

1. An insurer organized under the laws of another state which is admitted to do business
in this state for the purpose of writing insurance may be a domestic insurer by
complying with the requirements of law relative to the organization and licensing of a
domestic insurer of the same type in this state and by designating its principal place of
business at a place in this state. For purposes of this section, a company is deemed to
have designated its principal place of business at a place in this state if the company
locates its home office in this state. If an insurer seeks to become a domestic insurer
but is unable to designate its principal place of business in this state, the insurer may
place on deposit with the Bank of North Dakota, upon the approval of the
commissioner, a sum established by the commissioner, which may not be withdrawn
without the approval of the commissioner. An insurer that complies with this subsection
is entitled to the certificates and licenses to transact the business of a domestic insurer
in this state and is subject to the authority and jurisdiction of this state.

2. After an insurance company has redomesticated to this state and located and
maintained its home office in this state, the insurance company is allowed a credit
against the premium tax imposed and due under section 26.1-03-17 for an amount
equal to the premium tax paid in this state during the first two years as a domestic
company in this state. This credit must be used in the third and fourth years following
the company's redomestication to this state and may not be carried over beyond the
fourth year.