§ 26.1-06.2-01 — Definitions

North Dakota § 26.1-06.2-01

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-06.2: Administrative Supervision

Text

As used in this chapter:
1. "Consent" means agreement to administrative supervision by the insurer.
2. "Exceeded its powers" means any of the following conditions:
a. The insurer has refused to permit examination of its books, papers, accounts,
records, or affairs by the commissioner, the commissioner's deputies, employees,
or duly commissioned examiners.
b. A domestic insurer has unlawfully removed from this state books, papers,
accounts, or records necessary for an examination of the insurer.
c. The insurer has failed to promptly comply with the applicable financial reporting
statutes or rules and departmental requests relating thereto.
d. The insurer has neglected or refused to observe an order of the commissioner to
make good, within the time prescribed by law, any prohibited deficiency in its
capital, capital stock, or surplus.
e. The insurer is continuing to transact insurance or write business after its license
has been revoked or suspended by the commissioner.
f. The insurer, by contract or otherwise, has unlawfully or has in violation of an
order of the commissioner or has without first having obtained written approval of
the commissioner, if approval is required by law, totally reinsured its entire
outstanding business, or merged or consolidated substantially its entire property
or business with another insurer.
g. The insurer engaged in any transaction in which it is not authorized to engage
under the laws of this state.
h. The insurer refused to comply with a lawful order of the commissioner.
3. "Insurer" means and includes every person engaged as indemnity, surety, or
contractor in the business of insurance or of annuities. For purposes of this chapter,
any other persons included under section 26.1-06.1-02 must be deemed to be
insurers.