North Dakota § 26.1-31.1-10 Penalties and liabilities

North Dakota Statutes

§ 26.1-31.1-10 — Penalties and liabilities

North Dakota § 26.1-31.1-10

Title 26.1Insurance

Ch. 26.1-31.1Reinsurance Intermediaries

This text of North Dakota § 26.1-31.1-10 (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 § 26.1-31.1-10 (2026).

Text

1.If the commissioner determines that the reinsurance intermediary 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 five thousand dollars;

b.Revocation or suspension of the reinsurance intermediary's license; and

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

Free access — add to your briefcase to read the full text and ask questions with AI

1. If the commissioner determines that the reinsurance intermediary 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 five thousand
dollars;
b. Revocation or suspension of the reinsurance intermediary's license; and
c. If it was found that because of the material noncompliance the insurer or
reinsurer has suffered any loss or damage, the commissioner may maintain a civil
action brought by or on behalf of the reinsurer or insurer and its policyholders and
creditors for recovery of compensatory damages for the benefit of the reinsurer or
insurer and its policyholders and creditors or seek 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
reinsurance intermediary 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 may in any manner limit or restrict
the rights of policyholders, claimants, creditors, or other third parties.
5. The decision, determination, or order of the commissioner pursuant to subsection 1 is
subject to judicial review pursuant to chapter 28-32.