North Dakota § 26.1-33.4-03 License suspension, revocation, or refusal to renew

North Dakota Statutes

§ 26.1-33.4-03 — License suspension, revocation, or refusal to renew

North Dakota § 26.1-33.4-03

Title 26.1Insurance

Ch. 26.1-33.4Life Settlements

This text of North Dakota § 26.1-33.4-03 (License suspension, revocation, or refusal to renew) 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 § 26.1-33.4-03 (2026).

Text

1.The commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that:

a.There was any material misrepresentation in the application for the license;

b.The licensee or any officer, partner, member, or director has been guilty of fraudulent or dishonest practices, is subject to a final administrative action, or is otherwise shown to be untrustworthy or incompetent to act as a licensee;

c.The provider demonstrates a pattern of unreasonably withholding payments to policyowners;

d.The licensee no longer meets the requirements for initial licensure;

e.The licensee or any officer, partner, member, or director has been convicted of a felony or of any misdemeanor of which criminal fraud is an element; or the licensee has pleaded guilty or nolo

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1. The commissioner may suspend, revoke, or refuse to renew the license of any
licensee if the commissioner finds that:
a. There was any material misrepresentation in the application for the license;
b. The licensee or any officer, partner, member, or director has been guilty of
fraudulent or dishonest practices, is subject to a final administrative action, or is
otherwise shown to be untrustworthy or incompetent to act as a licensee;
c. The provider demonstrates a pattern of unreasonably withholding payments to
policyowners;
d. The licensee no longer meets the requirements for initial licensure;
e. The licensee or any officer, partner, member, or director has been convicted of a
felony or of any misdemeanor of which criminal fraud is an element; or the
licensee has pleaded guilty or nolo contendere with respect to any felony or any
misdemeanor of which criminal fraud or moral turpitude is an element, regardless
whether a judgment of conviction has been entered by the court;
f. The provider has entered any life settlement contract that has not been approved
pursuant to this chapter;
g. The provider has failed to honor contractual obligations set out in a life settlement
contract;
h. The provider has assigned, transferred, or pledged a settled policy to a person
other than a provider licensed in this state, a purchaser, an accredited investor or
qualified institutional buyer as defined respectively in regulation D, rule 501 or
rule 144A of the federal Securities Act of 1933, as amended [15 U.S.C. 77a
et seq.], financing entity, special purpose entity, or related provider trust; or
i. The licensee or any officer, partner, member, or key management personnel has
violated any of the provisions of this chapter.
2. The commissioner may suspend, revoke, or refuse to renew the license of a broker if
the commissioner finds that the broker has violated this chapter or has otherwise
engaged in bad-faith conduct with one or more owners.
3. Before the commissioner denies a license application or suspends, revokes, or refuses
to renew the license of any licensee under this chapter, the commissioner shall
conduct a hearing.