§ 26.1-46-02 — Risk retention groups chartered in this state

North Dakota § 26.1-46-02

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-46: Risk Retention Groups and Purchasing Groups

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A risk retention group seeking to be chartered in this state must be chartered and licensed
as a liability insurance company authorized by the insurance laws of this state and, except as
provided elsewhere in this chapter, shall comply with all of the laws, rules, regulations, and
requirements applicable to such insurers chartered and licensed in this state and with section
26.1-46-03 to the extent such requirements are not a limitation on laws, rules, regulations, or
requirements of this state. Notwithstanding any other provision to the contrary, all risk retention
groups chartered in this state shall file with the department and the national association of
insurance commissioners an annual statement in a form prescribed by the national association
of insurance commissioners and in diskette form, if required by the commissioner, and
completed in accordance with its instructions and the national association of insurance
commissioners accounting practices and procedures manual. Before it may offer insurance in
any state, each risk retention group doing business in this state, except for a risk retention group
chartered in this state which does business only in this state and which has fewer than
twenty-six resident members or insureds, shall also submit for approval to the insurance
commissioner of this state a plan of operation or a feasibility study and revisions of such plan or
study if the group intends to offer any additional lines of liability insurance. Immediately upon
receipt of an application for charter in this state, the risk retention group shall provide summary
information concerning the filing to the national association of insurance commissioners,
including the name of the risk retention group, the identity of the initial members of the group,
the identity of the individuals who organized the group or who will provide administrative
services or otherwise influence or control the activities of the group, the amount and nature of
initial capitalization, the coverages to be afforded, and the states in which the group intends to
operate. Upon receipt of this information, the commissioner shall forward the information to the
national association of insurance commissioners. Providing notification to the national
association of insurance commissioners is in addition to, and is not sufficient to satisfy, the
requirements of this chapter.