North Dakota § 26.1-26.3-06 Penalties and liabilities

North Dakota Statutes

§ 26.1-26.3-06 — Penalties and liabilities

North Dakota § 26.1-26.3-06

Title 26.1Insurance

Ch. 26.1-26.3Managing General Agents

This text of North Dakota § 26.1-26.3-06 (Penalties and liabilities) 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 § 26.1-26.3-06 (2026).

Text

1.If the commissioner determines that the managing general agent or any other person has not materially complied with this chapter or any rule or order adopted under this chapter, after notice and opportunity to be heard, the commissioner may order:

a.For each separate violation, a penalty in an amount not exceeding one thousand dollars;

b.Revocation or suspension of the insurance producer's license; and

c.If it was found that because of the material noncompliance that the insurer has suffered any loss or damage, the commissioner may maintain a civil action brought by or on behalf of the insurer and its policyholders and creditors for recovery of compensatory damages for the benefit of the insurer and its policyholders and creditors or other appropriate relief.

2.If an order of rehabi

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1. If the commissioner determines that the managing general agent or any other person
has not materially complied with this chapter or any rule or order adopted under this
chapter, after notice and opportunity to be heard, the commissioner may order:
a. For each separate violation, a penalty in an amount not exceeding one thousand
dollars;
b. Revocation or suspension of the insurance producer's license; and
c. If it was found that because of the material noncompliance that the insurer has
suffered any loss or damage, the commissioner may maintain a civil action
brought by or on behalf of the insurer and its policyholders and creditors for
recovery of compensatory damages for the benefit of the insurer and its
policyholders and creditors or other appropriate relief.
2. If an order of rehabilitation or liquidation of the insurer has been entered pursuant to
chapter 26.1-06.1, and the receiver appointed under that order determines that the
managing general agent or any other person has not materially complied with this
chapter, or any rule or order adopted under this chapter, and the insurer suffered any
loss or damage as a result of the material noncompliance, the receiver may maintain a
civil action for recovery of damages or other appropriate sanctions for the benefit of
the insurer.
3. Nothing contained in this section affects the right of the commissioner to impose any
other penalties provided for in the insurance law.
4. Nothing contained in this chapter is intended to or shall in any manner limit or restrict
the rights of policyholders, claimants, and auditors.
5. The decision, determination, or order of the commissioner pursuant to subsection 1 is
subject to judicial review pursuant to chapter 28-32.