§ 26.1-41-05 — Self-insurance - Liability policies - Authority of commissioner

1. Self-insurance used as security required by this chapter may be provided by filing in
satisfactory form all of the following:
a. A continuing undertaking by the owner or other appropriate person to pay basic
no-fault benefits and the liabilities covered by motor vehicle liability insurance and
to perform all other obligations imposed by this chapter.
b. Evidence that appropriate provision exists for the prompt and efficient
administration of all claims, benefits, and obligations provided by this chapter.
c. Evidence that reliable financial arrangements, deposits, or commitments exist
providing assurance for payment of basic no-fault benefits and the liabilities
covered by motor vehicle liability insurance and all other obligations imposed by
this chapter substantially equivalent to those afforded by an insurance policy that
would comply with this chapter.
2. Every insurer authorized to transact the business of motor vehicle liability insurance in
this state shall file with the commissioner as a condition of its continued transaction of
business in this state a form declaring that its motor vehicle liability policies wherever
issued are deemed to provide the security required by this chapter when the motor
vehicle is operated in this state. Any nonadmitted insurer may file this form.
3. The commissioner may adopt necessary rules not inconsistent with this chapter. The
commissioner may provide schedules of reasonable maximum benefits payments for
specified medical services and rehabilitation expenses which basic no-fault insurers
may incorporate into their policies of basic or optional excess coverages afforded
pursuant to this chapter.