North Dakota § 26.1-26.5-01 Definitions

North Dakota Statutes

§ 26.1-26.5-01 — Definitions

North Dakota § 26.1-26.5-01

Title 26.1Insurance

Ch. 26.1-26.5Insurance Broker Controlled Insurer

This text of North Dakota § 26.1-26.5-01 (Definitions) 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 § 26.1-26.5-01 (2026).

Text

As used in this chapter:

1."Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners.

2."Control" or "controlled" has the meaning ascribed in chapter 26.1-10.

3."Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by an insurance broker.

4."Controlling insurance broker" means an insurance broker who, directly or indirectly, controls an insurer.

5."Insurance broker" means an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, such person, firm, association,

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As used in this chapter:
1. "Accredited state" means a state in which the insurance department or regulatory
agency has qualified as meeting the minimum financial regulatory standards
promulgated and established from time to time by the national association of insurance
commissioners.
2. "Control" or "controlled" has the meaning ascribed in chapter 26.1-10.
3. "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly,
by an insurance broker.
4. "Controlling insurance broker" means an insurance broker who, directly or indirectly,
controls an insurer.
5. "Insurance broker" means an insurance broker or brokers or any other person, firm,
association, or corporation, when, for any compensation, commission, or other thing of
value, such person, firm, association, or corporation acts or aids in any manner in
soliciting, negotiating, or procuring the making of any insurance contract on behalf of
an insured other than the person, firm, association, or corporation.
6. "Licensed insurer" or "insurer" means any person, firm, association, or corporation duly
licensed to transact a property and casualty insurance business in this state. The
following, inter alia, are not licensed insurers for the purposes of this chapter:
a. All risk retention groups as defined in the Superfund Amendments
Reauthorization Act of 1986 [Pub. L. 99-499; 100 Stat. 1613] and the Risk
Retention Act [15 U.S.C. 3901 et seq.] and chapter 26.1-46.
b. All residual market pools and joint underwriting authorities or associations.
c. All captive insurers. For the purposes of this chapter, captive insurers are
insurance companies owned by another organization whose exclusive purpose is
to insure risks of the parent organization and affiliated companies or, in the case
of groups and associations, insurance organizations owned by the insureds
whose exclusive purpose is to insure risks to member organizations or group
members and their affiliates.