§ 26.1-06.1-22 — Duties of agents

North Dakota § 26.1-06.1-22

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-06.1: Insurance Company Rehabilitation and Liquidation

Text

1. Every agent who receives notice in the form prescribed in section 26.1-06.1-21 that an
insurer represented by that agent is the subject of a liquidation order, within thirty days
of such notice, shall provide to the liquidator, in addition to the information the agent
may be required to provide pursuant to section 26.1-06.1-06, the information in the
agent's records related to any policy issued by the insurer through the agent, and, if
the agent is a general agent, the information in the general agent's records related to
any policy issued by the insurer through a subagent under contract with the agent,
including the name and address of the subagent. A policy must be deemed issued
through an agent if the agent has a property interest in the expiration of the policy, or if
the agent has had possession of a copy of the declarations of the policy at any time
during the life of the policy, except when the ownership of the expiration of the policy
has been transferred to another.
2. Any agent failing to provide information to the liquidator as required in subsection 1,
following a hearing held by the commissioner, may be subject to license suspension
and payment of a penalty of not more than one thousand dollars.