North Dakota § 26.1-11-01 Conditions to be complied with by foreign company before transacting insurance business in state

North Dakota Statutes

§ 26.1-11-01 — Conditions to be complied with by foreign company before transacting insurance business in state

North Dakota § 26.1-11-01

Title 26.1Insurance

Ch. 26.1-11Foreign Insurance Companies

This text of North Dakota § 26.1-11-01 (Conditions to be complied with by foreign company before transacting insurance business in state) 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 § 26.1-11-01 (2026).

Text

insurance business in state. A foreign insurance company may not take any risk or transact insurance business in this state, either directly or indirectly, until it has:

1.Deposited with the commissioner a certified copy of its articles of incorporation.

2.Deposited with the commissioner a statement of its financial condition and business in the form and detail the commissioner requires, signed and sworn to by its president and secretary or other similar officers.

3.Satisfied the commissioner that it is fully and legally organized under the laws of its state or government to do the business which it proposes to transact.

4.Satisfied the commissioner, if it is a stock company, that it has a fully paid-up capital stock and surplus at least equal to the stock and surplus required of domes

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insurance business in state.
A foreign insurance company may not take any risk or transact insurance business in this
state, either directly or indirectly, until it has:
1. Deposited with the commissioner a certified copy of its articles of incorporation.
2. Deposited with the commissioner a statement of its financial condition and business in
the form and detail the commissioner requires, signed and sworn to by its president
and secretary or other similar officers.
3. Satisfied the commissioner that it is fully and legally organized under the laws of its
state or government to do the business which it proposes to transact.
4. Satisfied the commissioner, if it is a stock company, that it has a fully paid-up capital
stock and surplus at least equal to the stock and surplus required of domestic
companies transacting the same classes of insurance.
5. Satisfied the commissioner, if it is a mutual company, that it has complied with
subsection 7 of section 26.1-12-27.
6. Satisfied the commissioner that its assets are well invested and immediately available
for the payment of losses in this state and in making this determination the
commissioner may rely upon the provisions pertaining to authorized investments of
domestic insurance companies.
7. Satisfied the commissioner that it does not insure any single hazard for a sum larger
than one-tenth of its net assets.
8. Appointed the commissioner and the commissioner's successors, by a duly executed
instrument filed in the commissioner's office, its attorney upon whom all process in any
action or proceeding against it may be served and has agreed in the instrument that
any process that may be served upon its attorney is of the same force and validity as if
the process were served on the company and that the authority thereof continues in
force irrevocable so long as any liability of the company remains outstanding in this
state.
9. Agreed to appoint, and will appoint, as its insurance producers in this state only
residents of this state except as otherwise provided in chapter 26.1-26.
10. Adopted a name which is not so similar to a name already in use by an existing
company organized or licensed in this state as to be confusing or misleading.