North Dakota § 26.1-44-03 Surplus lines insurance

North Dakota Statutes

§ 26.1-44-03 — Surplus lines insurance

North Dakota § 26.1-44-03

Title 26.1Insurance

Ch. 26.1-44Surplus Lines Insurance

This text of North Dakota § 26.1-44-03 (Surplus lines insurance) 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 § 26.1-44-03 (2026).

Text

The placement of nonadmitted insurance is subject to this section only if the insured's home state is this state. Surplus lines insurance may be placed by a surplus lines producer if:

1.Each insurer is an eligible surplus lines insurer;

2.Each insurer is authorized to write the kind of insurance in its domiciliary jurisdiction;

3.The surplus lines producer is aware that:

a.The full amount and type of insurance is not available from the insurers who are admitted to transact and are actually writing the particular type of insurance in this state if any are writing it; or

b.The risk was referred to the surplus lines producer by an insurance producer licensed in this state.

4.At the time of placement the surplus lines producer has determined that the nonadmitted insurer:

a.Has establish

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The placement of nonadmitted insurance is subject to this section only if the insured's home
state is this state. Surplus lines insurance may be placed by a surplus lines producer if:
1. Each insurer is an eligible surplus lines insurer;
2. Each insurer is authorized to write the kind of insurance in its domiciliary jurisdiction;
3. The surplus lines producer is aware that:
a. The full amount and type of insurance is not available from the insurers who are
admitted to transact and are actually writing the particular type of insurance in this
state if any are writing it; or
b. The risk was referred to the surplus lines producer by an insurance producer
licensed in this state.
4. At the time of placement the surplus lines producer has determined that the
nonadmitted insurer:
a. Has established satisfactory evidence of good repute and financial integrity and
has capital and surplus or its equivalent under the laws of its domiciliary
jurisdiction which equals the greater of:

(1) (a) The minimum capital and surplus requirements under the law of this
state; or
(b) Fifteen million dollars.
(2) The requirements of paragraph 1 may be satisfied by an insurer possessing
less than the minimum capital and surplus upon an affirmative finding of
acceptability by the commissioner. The finding must be based upon such
factors as quality of management, capital and surplus of any parent
company, company underwriting profit and investment income trends,
market availability, and company record and reputation within the industry.
The commissioner may not make an affirmative finding of acceptability when
the nonadmitted insurer's capital and surplus is less than four million five
hundred thousand dollars; or
b. For an insurer not domiciled in the United States or its territories, the insurer is
listed on the quarterly listing of alien insurers maintained by the national
association of insurance commissioners international insurers department; and
5. All other requirements of this chapter are met.