North Dakota § 26.1-34.2-04 Compliance mitigation - Enforceability - Penalty

North Dakota Statutes

§ 26.1-34.2-04 — Compliance mitigation - Enforceability - Penalty

North Dakota § 26.1-34.2-04

Title 26.1Insurance

Ch. 26.1-34.2Annuity Transaction Practices

This text of North Dakota § 26.1-34.2-04 (Compliance mitigation - Enforceability - Penalty) 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 § 26.1-34.2-04 (2026).

Text

1.An insurer is responsible for compliance with this chapter. If a violation occurs, either because of the action or inaction of the insurer or the insurer's producer, the commissioner may order:

a.An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this chapter by the insurer or by the producer;

b.A general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this chapter; and

c.Appropriate penalties and sanctions.

2.Any applicable penalty under section 26.1-01-03.3 for a violation of this chapter may be reduced or eliminated, according to a schedule adopted by the commissioner, if corrective action for the consumer was taken promp

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1. An insurer is responsible for compliance with this chapter. If a violation occurs, either
because of the action or inaction of the insurer or the insurer's producer, the
commissioner may order:
a. An insurer to take reasonably appropriate corrective action for any consumer
harmed by a failure to comply with this chapter by the insurer or by the producer;
b. A general agency, independent agency, or the producer to take reasonably
appropriate corrective action for any consumer harmed by the producer's
violation of this chapter; and
c. Appropriate penalties and sanctions.
2. Any applicable penalty under section 26.1-01-03.3 for a violation of this chapter may
be reduced or eliminated, according to a schedule adopted by the commissioner, if
corrective action for the consumer was taken promptly after a violation was
discovered.
3. The authority to enforce compliance with this section is vested exclusively with the
commissioner.