North Dakota § 26.1-48-04 Stabilization of aftermarket risk insurance market

North Dakota Statutes

§ 26.1-48-04 — Stabilization of aftermarket risk insurance market

North Dakota § 26.1-48-04

Title 26.1Insurance

Ch. 26.1-48Aircraft Aftermarket Risk Contracts and Insurance

This text of North Dakota § 26.1-48-04 (Stabilization of aftermarket risk insurance market) 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 § 26.1-48-04 (2026).

Text

1.An aviation manufacturer and a purchaser of an aircraft or aircraft component which intend to be bound by North Dakota law must be covered by insurance that meets the requirements of insurance laws of this state. The sales contract must include a dispute resolution procedure for aftermarket risk contracts and insurance contracts.

2.An aftermarket risk insurance provider domiciled in this state may limit coverage to include any caps and limitations permitted by law at the time of the first sale of the product.

3.Upon resale of an aircraft or aircraft component, the purchaser agrees to purchase insurance and the insurance carrier shall provide evidence of coverage. A default on the insurance may reinstate, by contract, the lien back to the aviation manufacturer. An aftermarket risk con

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1. An aviation manufacturer and a purchaser of an aircraft or aircraft component which
intend to be bound by North Dakota law must be covered by insurance that meets the

requirements of insurance laws of this state. The sales contract must include a dispute
resolution procedure for aftermarket risk contracts and insurance contracts.
2. An aftermarket risk insurance provider domiciled in this state may limit coverage to
include any caps and limitations permitted by law at the time of the first sale of the
product.
3. Upon resale of an aircraft or aircraft component, the purchaser agrees to purchase
insurance and the insurance carrier shall provide evidence of coverage. A default on
the insurance may reinstate, by contract, the lien back to the aviation manufacturer. An
aftermarket risk contract may include a requirement for removal of the aircraft or
aircraft component from service, consent to be governed by North Dakota law, and
purchase of additional passenger and public risk insurance coverage.
4. An aviation manufacturer or value-added reseller shall provide confidential access to
data necessary for actuarial analysis by aftermarket insurance carriers to assist in
maintaining a competitive insurance market with a choice of alternative carriers.