§ 26.1-44-05 — Consumer notice

North Dakota § 26.1-44-05

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-44: Surplus Lines Insurance

Text

If the insured's home state is this state, the surplus lines producer shall give the following
consumer notice to every person applying for insurance with a nonadmitted insurer. The notice
must be printed in sixteen-point type on a separate document affixed to the application. The
applicant shall sign and date a copy of the notice to acknowledge receiving it. The surplus lines
producer shall maintain the signed notice in its file for a period of five years from expiration of
the policy. The surplus lines producer shall tender a copy of the signed notice to the insured at
the time of delivery of each policy the producer transacts with a nonadmitted insurer. The copy
must be a separate document affixed to the policy.
"Notice: 1. An insurer that is not licensed in this state is issuing the insurance policy that you
have applied to purchase. These companies are called "nonadmitted" or "surplus lines" insurers.
2. The insurer is not subject to the financial solvency regulation and enforcement that applies to
licensed insurers in this state. 3. These insurers generally do not participate in insurance
guaranty funds created by state law. These guaranty funds will not pay your claims or protect
your assets if the insurer becomes insolvent and is unable to make payments as promised. 4.
Some states maintain lists of approved or eligible surplus lines insurers and surplus lines
producers may use only insurers on the lists. Some states issue orders that particular surplus
lines insurers cannot be used. 5. For additional information about the above matters and about
the insurer, you should ask questions of your insurance producer or surplus lines producer. You
may also contact your insurance department consumer help line."