§ 26.1-06.2-03 — Notice to comply with written requirements of commissioner - Noncompliance - Administrative supervision

North Dakota § 26.1-06.2-03

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

Text

Noncompliance - Administrative supervision.
1. An insurer may be subject to administrative supervision by the commissioner if upon
examination or at any other time it appears in the commissioner's discretion that:
a. The insurer's condition renders the continuance of its business hazardous to the
public or to its insureds.
b. The insurer appears to have exceeded its powers granted under its certificate of
authority and applicable law.
c. The insurer has failed to comply with the applicable provisions of this title.
d. The business of the insurer is being conducted fraudulently.
e. The insurer gives its consent.
2. If the commissioner determines that the conditions set forth in subsection 1 exist, the
commissioner shall:
a. Notify the insurer of the commissioner's determination.
b. Furnish to the insurer a written list of the requirements to abate this
determination.

c. Notify the insurer that it is under the supervision of the commissioner and that the
commissioner is applying and effectuating the provisions of the chapter. The
action by the commissioner is subject to review pursuant to chapter 28-32.
3. If placed under administrative supervision, the insurer has sixty days, or another
period of time as designated by the commissioner, to comply with the requirements of
the commissioner subject to the provisions of this chapter.
4. If it is determined after notice and hearing that the conditions giving rise to the
supervision still exist at the end of the supervision period specified above, the
commissioner may extend the supervision period.
5. If it is determined that none of the conditions giving rise to the supervision exist, the
commissioner shall release the insurer from supervision.