§ 26.1-42.1-07 — Duties and powers of the commissioner

North Dakota § 26.1-42.1-07

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-42.1: Insurance Guaranty Association

Text

1. The commissioner shall:

a. Notify the association of the existence of an insolvent insurer within three days
after the commissioner receives notice of the determination of the insolvency. The
association is entitled to a copy of any complaint seeking an order of liquidation
with a finding of insolvency against a member company at the same time that this
complaint is filed with a court of competent jurisdiction.
b. Upon request of the board of directors, provide the association with a statement
of the net direct written premiums of each member insurer.
2. The commissioner may:
a. Suspend or revoke, after notice and hearing, the certificate of authority to transact
insurance in this state of any member insurer that fails to pay an assessment
when due or fails to comply with the plan of operation. In the alternative, the
commissioner may levy a fine on any member insurer that fails to pay an
assessment when due. A fine under this subdivision may not exceed five percent
of the unpaid assessment per month, except that a fine may not be less than one
hundred dollars per month.
b. Revoke the designation of any servicing facility if the commissioner finds claims
are being handled unsatisfactorily.