North Dakota § 26.1-44-03.2 Domestic surplus lines insurers

North Dakota Statutes

§ 26.1-44-03.2 — Domestic surplus lines insurers

North Dakota § 26.1-44-03.2

Title 26.1Insurance

Ch. 26.1-44Surplus Lines Insurance

This text of North Dakota § 26.1-44-03.2 (Domestic surplus lines insurers) 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 § 26.1-44-03.2 (2026).

Text

1.A North Dakota domestic insurer may be designated a domestic surplus lines insurer if:

a.The insurer possesses a policyholder surplus of at least fifteen million dollars;

b.The designation is in compliance with a resolution of the insurer's board of directors; and

c.The commissioner has provided written approval of the designation.

2.A domestic surplus lines insurer may write surplus lines insurance in North Dakota and any other jurisdiction in which the insurer is eligible. A domestic surplus lines insurer may insure in this state any risk if:

a.Produced pursuant to chapter 26.1-44; and

b.The premium is subject to surplus lines premium tax pursuant to section 26.1-44-03.1.

3.For purposes of the federal Nonadmitted and Reinsurance Reform Act of 2010 [15 U.S.C. 8201 et seq.], a do

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1. A North Dakota domestic insurer may be designated a domestic surplus lines insurer
if:
a. The insurer possesses a policyholder surplus of at least fifteen million dollars;
b. The designation is in compliance with a resolution of the insurer's board of
directors; and
c. The commissioner has provided written approval of the designation.
2. A domestic surplus lines insurer may write surplus lines insurance in North Dakota and
any other jurisdiction in which the insurer is eligible. A domestic surplus lines insurer
may insure in this state any risk if:
a. Produced pursuant to chapter 26.1-44; and
b. The premium is subject to surplus lines premium tax pursuant to section
26.1-44-03.1.
3. For purposes of the federal Nonadmitted and Reinsurance Reform Act of 2010
[15 U.S.C. 8201 et seq.], a domestic surplus lines insurer is considered a nonadmitted
insurer as defined under that Act, with respect to risks insured in this state.
4. A domestic surplus lines insurer may not issue a policy designed to satisfy the motor
vehicle financial responsibility requirements in chapter 26.1-41 or any other law
mandating insurance coverage by a licensed insurance company.
5. Except as specifically exempted from such requirements, a domestic surplus lines
insurer is subject to compliance with all financial examination and solvency
requirements that apply to domestic insurers under chapter 26.1-03 regarding
examinations and reports.

6. A domestic surplus lines insurer is not subject to the provisions of chapter 26.1-38.1
regarding the life and health insurance guaranty association nor to chapter 26.1-39
regarding property and casualty insurance.