§ 26.1-33.4-04 — Contract requirements

North Dakota § 26.1-33.4-04

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-33.4: Life Settlements

Text

1. A person may not use any form of life settlement contract in this state unless the
contract has been filed with and approved, if required, by the commissioner in a
manner that conforms with the filing procedures and any time restrictions or deeming
provisions, if any, for life insurance forms, policies, and contracts.
2. An insurer may not require, as a condition of responding to a request for verification of
coverage or in connection with the transfer of a policy pursuant to a life settlement
contract, that the owner, insured, provider, or broker sign any form, disclosure,
consent, waiver, or acknowledgment that has not been expressly approved by the
commissioner for use in connection with life settlement contracts in this state.
3. A person may not use a life settlement contract form or provide to an owner a
disclosure statement form in this state unless first filed with and approved by the
commissioner. The commissioner shall disapprove a life settlement contract form or
disclosure statement form if, in the commissioner's opinion, the contract or provisions
contained therein fail to meet the requirements of sections 26.1-33.4-07, 26.1-33.4-08,
and 26.1-33.4-10 and subsection 2 of section 26.1-33.4-14 or are unreasonable,
contrary to the interests of the public, or otherwise misleading or unfair to the owner.
The commissioner may require the submission of advertising material.