reglab/statecodes huggingface dataset:
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-06 - Premium Tax Payments - Estimates › Section 45-03-06-02 - Definitions

Current through Supplement No. 393, July, 2024
Unless otherwise defined or made inappropriate by context,
				  all words used in this chapter have meanings as given them under North Dakota
				  Century Code chapter 26.1-03.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-03-17
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-06 - Premium Tax Payments - Estimates › Section 45-03-06-03 - Quarterly payments - Reconciliation

Current through Supplement No. 393, July, 2024
1.
				Every company required to pay premium taxes in this state shall make and file a
				statement of estimated premium taxes for the period covered by the quarterly
				installment tax payment. The statement shall be on forms prescribed by the
				commissioner. The payments shall be made on an individual quarterly basis on or
				before May thirtieth, August twenty-ninth, November twenty-ninth, and March
				first.
2. The tax imposed under
				North Dakota Century Code section 26.1-03-17 shall be an estimated tax of at
				least twenty-five percent of the premium tax on the prior calendar year's
				business or eighty percent of the premium tax on the current calendar year's
				business for each of the first three quarters and shall be reconciled for the
				entire calendar year on the insurance department form and filed on or before
				March first of the following calendar year.
3. Any company with a certificate of
				authority to conduct business in this state must file a quarterly estimate form
				even when no tax is owed. No payment is required until the final quarter when
				the tax is reconciled if the estimated tax for the quarter is less than
				twenty-five dollars.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-03-17
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-06 - Premium Tax Payments - Estimates › Section 45-03-06-04 - Credits

Current through Supplement No. 393, July, 2024
1. The principal office ad valorem tax credit
				shall be used as a credit against the premium tax liability for the calendar
				year in which the ad valorem tax was paid. Any unused credit may be carried
				over as a credit against the premium tax liability for the following calendar
				years but not beyond 1985. North Dakota Century Code section 26.1-03-17
				requires that the credit be prorated on a quarterly basis. Credit shall be used
				for each quarter and shall be fully reconciled, along with the premium tax, as
				of the end of each calendar year, on or before March first of the subsequent
				year.
2. The examination credit
				shall be used as a credit against the premium tax liability for the quarter in
				which expense was paid and the succeeding three quarters. The credit is limited
				to expenses incurred and paid to the North Dakota department of insurance.
				North Dakota Century Code section 26.1-03-17 requires that the credit be
				prorated on a quarterly basis. The credit shall be reconciled along with the
				premium tax as of the end of each calendar year, on or before March first of
				the subsequent year.
3. The credit
				taken for assessments paid to the comprehensive health association of North
				Dakota shall be taken in the calendar year in which paid and any remaining
				credit used as completely as possible in each succeeding year. Credit cannot be
				taken for any assessments paid prior to March 21, 1983.
4. The credit for assessments paid to the
				North Dakota life and health insurance guaranty association shall be twenty
				percent of the amount of the assessment for each of the five calendar years
				following the year in which the assessment was paid.
5. Credit may be taken in the following year
				for miscalculations resulting in an overpayment in a preceding reconciliation
				submitted with the March first payment.
6. The credit for assessments paid to the
				reinsurance association of North Dakota must be taken in the calendar year in
				which paid. If the credit exceeds the premium tax liability the excess is not
				eligible to be carried over to subsequent years.
General Authority:
NDCC 26.1-01-08
Law Implemented:
NDCC
					 26.1-03-17
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-06 - Premium Tax Payments - Estimates › Section 45-03-06-05 - Fees payable annually

Current through Supplement No. 393, July, 2024
All fees will be paid annually, on or before March first of
				  each calendar year.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-03-17
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-06 - Premium Tax Payments - Estimates › Section 45-03-06-06 - Interest and penalties

Current through Supplement No. 393, July, 2024
1. Penalties
				and interest shall be assessed in accordance with the provisions of North
				Dakota Century Code section 26.1-03-17 for a failure to file the quarterly
				estimated tax statement or the reconciled tax statement or both, or pay the
				estimated or reconciled tax.
2. If
				an insurance company fails to pay the quarterly estimated tax or reconciled
				taxes prescribed by North Dakota Century Code section 26.1-03-17 in the time
				required, penalties of five percent shall accrue thereon, or one hundred
				dollars, whichever is greater, plus six percent of the tax for each day of
				delay except the first day after the tax became due for that quarter or year.
3. Failure of the company to make
				each estimated return and payments of at least one quarter of the total
				reconciled tax paid during the previous calendar year, or eighty percent of the
				actual reconciled tax for the current calendar year, shall subject the company
				to the penalty and interest provided in subsection 2 on the tax payable for
				that calendar year.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-03-17
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-01 - Definitions

Current through Supplement No. 393, July, 2024
As used in this chapter:
1. "Domestic insurer" is an insurer licensed in this state
				  and incorporated in this state.
2. "Foreign insurer" is an insurer licensed in this state but
				  incorporated in a jurisdiction other than this state.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-02 - Foreign insurer cessions

Current through Supplement No. 393, July, 2024
A foreign insurer may cede reinsurance to a reinsurer to
				  which the foreign insurer is permitted to cede reinsurance under the law,
				  regulations, or rules of the jurisdiction of that insurer's domicile.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-03 - Domestic insurer cessions

Current through Supplement No. 393, July, 2024
A domestic insurer may cede reinsurance to:
1. A reinsurer licensed in any other state or
				the District of Columbia if that reinsurer conforms to the same standard of
				solvency which would be required if, at the time the reinsurance is effected,
				the reinsurer was licensed in this state.
2. A reinsurer not licensed in any state or
				the District of Columbia if the reinsurer appears on the most recent
				"Non-Admitted Insurers Quarterly Listing" published by the national association
				of insurance commissioners (The NAIC List).
3. A reinsurer not licensed in any state or
				the District of Columbia, and not appearing on the NAIC List, if approval of
				the commissioner is obtained by the filing of an application and current
				financial statement showing that the reinsurer meets the requirements set out
				in section
				45-03-07-04.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-01-08
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-04 - Procedure for approval of reinsurer

Current through Supplement No. 393, July, 2024
The reinsurer requested to obtain the approval of the
				  commissioner pursuant to subsection 3 of section
				  45-03-07-03 and North Dakota
				  Century Code section 26.1-02-20 shall not accept reinsurance unless at the time
				  of cession such reinsurer has been approved by the commissioner. The
				  commissioner shall approve a reinsurer if such reinsurer has:
1. Filed with the commissioner an application
				including:
a. Satisfactory evidence of good
				repute and financial integrity.
b.
				Satisfactory evidence that the reinsurer has capital and surplus or its
				equivalent under the laws of its domiciliary jurisdiction which equals five
				million dollars or in the case of any Lloyd's or other similar unincorporated
				group of individual insurers, that the group maintains a trust fund of not less
				than fifty million dollars as security to the full amount thereof for all
				policyholders and creditors in the United States of all members of the group.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-05 - Continued proof of compliance

Current through Supplement No. 393, July, 2024
A reinsurer shall also provide to the commissioner annually
				  proof of continued compliance with subsection 1 of section
				  45-03-07-04, along with an annual
				  statement complying with subsection 2 of section
				  45-03-07-04 following the first
				  year the application is approved by the commissioner.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-06 - Withdrawal of approval of reinsurer

Current through Supplement No. 393, July, 2024
The commissioner may withdraw approval if at any time the
				  commissioner has reason to believe that any reinsurer:
1. Is in unsound financial condition;
2. Is no longer eligible under
				North Dakota Century Code section 26.1-02-20 or this chapter; or
3. Has willfully violated the laws of this
				state.
The commissioner shall promptly mail notice of such
				  withdrawal to the reinsurer and to each licensed insurer whose most recent
				  annual statement shows it was reinsured by such reinsurer.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07 - Reinsurance › Section 45-03-07-07 - Separability of provisions

Current through Supplement No. 393, July, 2024
If any provision of this chapter, or the application of such
				  provision to any person or circumstance, is held invalid, the remainder of the
				  chapter and the application of such provisions to persons or circumstances
				  other than those as to which it is held invalid is not affected thereby.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-01 - Credit for reinsurance - Reinsurer licensed in this state

Current through Supplement No. 393, July, 2024
Pursuant to subsection 2 of North Dakota Century Code section
				  26.1-31.2-01, the commissioner shall allow credit for reinsurance ceded by a
				  domestic insurer to an assuming insurer that was licensed in this state as of
				  any date on which statutory financial statement credit for reinsurance is
				  claimed.
General Authority:
NDCC 26.1-31.2-04
Law Implemented:
NDCC
					 26.1-31.2
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-02 - Credit for reinsurance - Accredited reinsurers

Current through Supplement No. 393, July, 2024
1. Pursuant to
				subsection 3 of North Dakota Century Code section 26.1-31.2-01, the
				commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				an assuming insurer that is accredited as a reinsurer in this state as of the
				date on which statutory financial statement credit for reinsurance is claimed.
				An accredited reinsurer must:
a. File a
				properly executed form AR-1 as evidence of its submission to this state's
				jurisdiction and to this state's authority to examine its books and
				records;
b. File with the
				commissioner a certified copy of a certificate of authority or other acceptable
				evidence that it is licensed to transact insurance or reinsurance in at least
				one state, or, in the case of a United States branch of an alien assuming
				insurer, is entered through and licensed to transact insurance or reinsurance
				in at least one state;
c. File
				annually with the commissioner a copy of its annual statement filed with the
				insurance department of its state of domicile or, in the case of an alien
				assuming insurer, with the state through which it is entered and in which it is
				licensed to transact insurance or reinsurance, and a copy of its most recent
				audited financial statement; and
d.
				Maintain a surplus as regards policyholders in an amount not less than twenty
				million dollars, or obtain the affirmative approval of the commissioner upon a
				finding that it has adequate financial capacity to meet its reinsurance
				obligations and is otherwise qualified to assume reinsurance from domestic
				insurers.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-03 - Credit for reinsurance - Reinsurer domiciled in another state

Current through Supplement No. 393, July, 2024
1. Pursuant to
				subsection 4 of North Dakota Century Code section 26.1-31.2-01, the
				commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				an assuming insurer that as of any date on which statutory financial statement
				credit for reinsurance is claimed:
a. Is
				domiciled in, or, in the case of a United States branch of an alien assuming
				insurer, is entered through, a state that employs standards regarding credit
				for reinsurance substantially similar to those applicable under North Dakota
				Century Code chapter 26.1-31.2 and this chapter;
b. Maintains a surplus as regards
				policyholders in an amount not less than twenty million dollars; and
c. Files a properly executed form AR-1 with
				the commissioner as evidence of its submission to this state's authority to
				examine its books and records.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-05 - Credit for reinsurance required by law

Current through Supplement No. 393, July, 2024
Pursuant to subsection 7 of North Dakota Century Code section
				  26.1-31.2-01, the commissioner shall allow credit for reinsurance ceded by a
				  domestic insurer to an assuming insurer not meeting the requirements of
				  subsections 2, 3, 4, 5, and 6 of North Dakota Century Code section
				  26.1-31.2-01, but only as to the insurance of risks located in jurisdictions
				  where the reinsurance is required by the applicable law or regulation of that
				  jurisdiction. As used in this section, "jurisdiction" means state, district, or
				  territory of the United States and any lawful national government.
General Authority:
NDCC 26.1-31.2-04
Law Implemented:
NDCC
					 26.1-31.2
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-06 - Asset or reduction from liability for reinsurance ceded to an unauthorized assuming insurer not meeting the requirements of sections 45-03-07.1-01 through 45-03-07.1-05

Current through Supplement No. 393, July, 2024
1. Pursuant
				to North Dakota Century Code section 26.1-31.2-02, the commissioner shall allow
				a reduction from liability for reinsurance ceded by a domestic insurer to an
				assuming insurer not meeting the requirements of North Dakota Century Code
				section 26.1-31.2-01 in an amount not exceeding the liabilities carried by the
				ceding insurer. The reduction must be in the amount of funds held by or on
				behalf of the ceding insurer, including funds held in trust for the exclusive
				benefit of the ceding insurer, under a reinsurance contract with the assuming
				insurer as security for the payment of obligations under the reinsurance
				contract. The security must be held in the United States subject to withdrawal
				solely by, and under the exclusive control of, the ceding insurer or, in the
				case of a trust, held in a qualified United States financial institution as
				defined in subsection 2 of North Dakota Century Code section 26.1-31.2-03. This
				security may be in the form of any of the following:
a. Cash;
b. Securities listed by the securities
				valuation office of the national association of insurance commissioners,
				including those deemed exempt from filing as defined by the purposes and
				procedures manual of the securities valuation office, and qualifying as
				admitted assets;
c. Clean,
				irrevocable, unconditional, and "evergreen" letters of credit issued or
				confirmed by a qualified United States institution, as defined in subsection 1
				of North Dakota Century Code section 26.1-31.2-03, effective no later than
				December thirty-first of the year for which filing is being made, and in the
				possession of, or in trust for, the ceding insurer on or before the filing date
				of its annual statement. Letters of credit meeting applicable standards of
				issuer acceptability as of the dates of their issuance or confirmation, shall,
				notwithstanding the issuing or confirming institution's subsequent failure to
				meet applicable standards of issuer acceptability, continue to be acceptable as
				security until their expiration, extension, renewal, modification, or
				amendment, whichever occurs first; or
d. Any other form of security acceptable to
				the commissioner.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-07 - Trust agreements qualified under section 45-03-07.1-06

Current through Supplement No. 393, July, 2024
1. As used in this section:
a. "Beneficiary" means the entity for whose
				sole benefit the trust has been established and any successor of the
				beneficiary by operation of law. If a court of law appoints a successor in
				interest to the named beneficiary, then the named beneficiary includes and is
				limited to the court-appointed domiciliary receiver, conservator,
				rehabilitator, or liquidator.
b.
				"Grantor" means the entity that has established a trust for the sole benefit of
				the beneficiary. When established in conjunction with a reinsurance agreement,
				the grantor is the unlicensed, unaccredited assuming insurer.
c. "Obligations", as used in subdivision k of
				subsection 2 means:
(1) Reinsured losses and
				allocated loss expenses paid by the ceding company, but not recovered from the
				assuming insurer;
(2) Reserves for
				reinsured losses reported and outstanding;
(3) Reserves for reinsured losses incurred
				but not reported; and
(4) Reserves
				for allocated reinsured loss expenses and unearned premiums.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-09 - Other security

Current through Supplement No. 393, July, 2024
A ceding insurer may take credit for unencumbered funds
				  withheld by the ceding insurer in the United States subject to withdrawal
				  solely by the ceding insurer and under its exclusive control.
General Authority: NDCC 26.1-31.2-04
Law Implemented: NDCC
					 26.1-31.2
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-10 - Reinsurance contract

Current through Supplement No. 393, July, 2024
Credit will not be granted, nor an asset or reduction from
				  liability allowed, to a ceding insurer for reinsurance effected with assuming
				  insurers meeting the requirements of section 45-03-07.1-01, 45-03-07.1-02,
				  45-03-07.1-03, 45-03-07.1-04, 45-03-07.1-04.1, 45-03-07.1-05, or 45-03-07.1-06
				  or otherwise in compliance with North Dakota Century Code section 26.1-31.2-01
				  after October 1, 1995, unless the reinsurance agreement:
1. Includes a proper insolvency clause, which
				stipulates that reinsurance is payable directly to the liquidator or successor
				without diminution regardless of the status of the ceding company, pursuant to
				North Dakota Century Code section 26.1-06.1-31; and
2. Includes a provision pursuant to North
				Dakota Century Code section 26.1-31.2-01 whereby the assuming insurer, if an
				unauthorized assuming insurer, has submitted to the jurisdiction of an
				alternative dispute resolution panel or court of competent jurisdiction within
				the United States, has agreed to comply with all requirements necessary to give
				the court or panel jurisdiction, has designated an agent upon whom service of
				process may be effected, and has agreed to abide by the final decision of the
				court or panel; and
3. Includes a
				proper reinsurance intermediary clause, if applicable, which stipulates that
				the credit risk for the intermediary is carried by the assuming
				insurer.
General Authority:
NDCC 26.1-31.2-04
Law Implemented:
NDCC 26.1-31.2
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Section 45-03-07.1-11 - Contracts affected

Current through Supplement No. 393, July, 2024
All new and renewal reinsurance transactions entered into
				  after October 1, 1995, must conform to the requirements of the Act and this
				  chapter if credit is to be given to the ceding insurer for such reinsurance.
General Authority: NDCC 26.1-31.2-04
Law Implemented: NDCC
					 26.1-31.2
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.1 - Credit for Reinsurance Model Regulation › Form RJ-1 - CERTIFICATE OF REINSURER DOMICILED IN RECIPROCAL JURISDICTION

Current through Supplement No. 393, July, 2024
Click here
				  to view Image
Click here
				  to view Image
General Authority:
NDCC 26.1-31.2-04
Law Implemented:
NDCC 26.1-31.2
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.2 - Life and Health Reinsurance Agreements › Section 45-03-07.2-01 - Scope

Current through Supplement No. 393, July, 2024
This chapter applies to all domestic life and accident and
				  health insurers and to all other licensed life and accident and health insurers
				  that are not subject to a substantially similar rule in their domiciliary
				  state. This chapter applies to licensed property and casualty insurers with
				  respect to their accident and health business. This chapter does not apply to
				  assumption reinsurance, yearly renewable term reinsurance, or certain
				  nonproportional reinsurance such as stop loss or catastrophe reinsurance.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.2 - Life and Health Reinsurance Agreements › Section 45-03-07.2-03 - Written agreements

Current through Supplement No. 393, July, 2024
1. A reinsurance
				agreement or amendment to any agreement may not be used to reduce any liability
				or to establish any asset in any financial statement filed with the department,
				unless the agreement, amendment, or a binding letter of intent has been duly
				executed by both parties no later than the as of date of the financial
				statement.
2. In the case of a
				letter of intent, a reinsurance agreement or an amendment to a reinsurance
				agreement must be executed within a reasonable period of time, not exceeding
				ninety days from the execution date of the letter of intent, in order for
				credit to be granted for the reinsurance ceded.
3. The reinsurance agreement must contain
				provisions that provide that:
a. The
				agreement constitutes the entire agreement between the parties with respect to
				the business being reinsured thereunder and that there are no understandings
				between the parties other than as expressed in the agreement; and
b. Any change or modification to the
				agreement is null and void unless made by amendment to the agreement and signed
				by both parties.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-07.2 - Life and Health Reinsurance Agreements › Section 45-03-07.2-04 - Existing agreements

Current through Supplement No. 393, July, 2024
Insurers subject to this chapter shall reduce to zero by
				  December 31, 1995, any reserve credits or assets established with respect to
				  reinsurance agreements entered into prior to October 1, 1995, which, under this
				  chapter would not be entitled to recognition of the reserve credits or assets;
				  provided, however, that the reinsurance agreements must have been in compliance
				  with laws or rules in existence immediately preceding October 1, 1995.
General Authority: NDCC 26.1-01-08
Law Implemented: NDCC
					 26.1-02-20
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-08 - Return of Premium › Section 45-03-08-01 - Policies on which refund not required

Current through Supplement No. 393, July, 2024
An insurer may provide a refund of premium for life
				  insurance policies, guaranteed renewable accident and health policies and
				  crop/hail policies; however, such refund is not required and policy forms
				  permitting no refund may be approved by the insurance department.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-24-03
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-08 - Return of Premium › Section 45-03-08-02 - Policy forms

Current through Supplement No. 393, July, 2024
The term "policy form" as used in subsection 3 of North
				  Dakota Century Code section 26.1-24-03 includes manual rates, rating plans, and
				  rating rules filed and approved under North Dakota Century Code section
				  26.1-25-04. Such rates, plans, and rules may constitute the basis for an
				  exception to the refund provision set out in subsection 3 of North Dakota
				  Century Code section 26.1-24-03.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-24-03
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-08 - Return of Premium › Section 45-03-08-03 - Premiums on all other policies

Current through Supplement No. 393, July, 2024
Premiums on all other policies are refundable in accordance
				  with subsection 3 of North Dakota Century Code section 26.1-24-03 and the
				  policy form filed with the insurance department.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-24-03
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-09 - Admission of Foreign Insurance Companies › Section 45-03-09-01 - Admission of foreign insurance companies - Conditions

Current through Supplement No. 393, July, 2024
In determining whether a foreign insurance company should be
				  permitted to transact business in this state, and specifically in applying
				  North Dakota Century Code section 26.1-02-02 and subsection 2 of section
				  26.1-11-01, the commissioner of insurance may require any foreign insurance
				  company applying for a certificate of authority to provide the commissioner of
				  insurance with a business plan for this state and an operational history of the
				  company; last examination report; insurance regulatory information system
				  reports; future business plans; operational history; loss experience; the kinds
				  and nature of risks insured and to be insured; the financial condition and
				  credit history of the company and its ownership; biographicals of its officers
				  and board of directors; its proposed method of operation and its affiliations;
				  its investments; any contracts leading to contingent liability or agreements in
				  respect to guarantee and surety other than insurance; and the ratio of total
				  annual premium and net investment income to the following: commission expenses,
				  general insurance expenses, policy benefits paid and required, and policy
				  reserve increases. If after reviewing information supplied by the insurance
				  company and the commissioner is satisfied that the company is in a condition
				  such that the expanded operation of the company in this state or its operations
				  outside this state will not create a condition which might be hazardous to its
				  policyholders, creditors, or the general public and all other legal
				  requirements are met, the commissioner shall issue the company a certificate of
				  authority to transact business in this state of the kind or kinds of business
				  to be specified. As part of this review process, the commissioner may require
				  that a foreign company seeking admission to do business in this state
				  demonstrate that it has actively operated satisfactorily and according to the
				  law of the state where it is domiciled for a period of at least one year.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-02-02,
					 26.1-11-01
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-10 - Unfair Sex Discrimination › Section 45-03-10-01 - Purpose

Current through Supplement No. 393, July, 2024
The purpose of this rule is to eliminate the act of denying
				  benefits or coverage on the basis of sex or marital status in the terms and
				  conditions of insurance contracts and in the underwriting criteria of insurance
				  carriers.
General Authority: NDCC 26.1-04-08
Law Implemented: NDCC 26.1-04-03(7),
					 26.1-04-03(11)
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-10 - Unfair Sex Discrimination › Section 45-03-10-02 - Definitions

Current through Supplement No. 393, July, 2024
1. "Contracts" means any insurance policy, certificate, plan,
				  or binder, including any rider or endorsement thereto offered by an insurer.
2. "Insurer" means any insurance company, association,
				  reciprocal or interinsurance exchange, nonprofit hospital plan, nonprofit
				  professional health service plan, health maintenance organization, fraternal
				  benefit society, or beneficial association.
General Authority: NDCC 26.1-04-08
Law Implemented: NDCC 26.1-04-03(7),
					 26.1-04-03(11)
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-10 - Unfair Sex Discrimination › Section 45-03-10-03 - Applicability and scope

Current through Supplement No. 393, July, 2024
This rule applies to all contracts delivered or issued for
				  delivery in this state or renewed by the payment of premium or otherwise by an
				  insurer on or after July 1,1988, and to all existing group contracts which are
				  substantially amended on or after July 1, 1988.
General Authority: NDCC 26.1-04-08
Law Implemented: NDCC 26.1-04-03(7),
					 26.1-04-03(11)
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-10 - Unfair Sex Discrimination › Section 45-03-10-04 - Availability requirements

Current through Supplement No. 393, July, 2024
Availability of any insurance contract may not be denied to
				  an insured or prospective insured on the basis of sex or marital status of the
				  insured or prospective insured. The amount of benefits payable, or any term,
				  conditions, or type of coverage may not be restricted, modified, excluded, or
				  reduced on the basis of the sex or marital status of the insured or prospective
				  insured except to the extent the amount of benefits, term, conditions, or type
				  of coverage vary as a result of the application of rate differentials permitted
				  under the North Dakota insurance code. However, nothing in this section
				  prohibits an insurer from taking marital status into account for purposes of
				  defining persons eligible for dependent benefits, except with regard to legally
				  recognized minor children. Specific examples of practices prohibited by this
				  section include, but are not limited to, the following:
1. Denying coverage to females gainfully
				employed at home, employed part time, or employed by relatives when coverage is
				offered to males similarly employed.
2. Denying policy riders to females when the
				riders are available to males.
3.
				Denying maternity benefits to insureds or prospective insureds purchasing an
				individual contract when comparable family coverage contracts offer maternity
				benefits.
4. Denying, under group
				contracts, dependent coverage to husbands of female employees, when dependent
				coverage is available to wives of male employees.
5. Denying disability income contracts to
				employed women when coverage is offered to men similarly employed.
6. Treating complications of pregnancy
				differently from any other illness or sickness under the contract.
7. Restricting, reducing modifying, or
				excluding benefits relating to coverage involving the genital organs of only
				one sex.
8. Offering lower maximum
				monthly benefits to women than to men who are in the same classification under
				a disability income contract.
9.
				Offering more restrictive benefit periods and more restrictive definitions of
				disability to women than to men in the same classifications under a disability
				income contract.
10. Establishing
				different conditions by sex under which the policyholder may exercise benefit
				options contained in the contract.
11. Limiting the amount of coverage an
				insured or prospective insured may purchase based upon the insured's or
				prospective insured's marital status unless such limitation is for the purpose
				of defining persons eligible for dependents' benefits.
General Authority: NDCC 26.1-04-08
Law Implemented: NDCC 26.1-04-03(7),
					 26.1-04-03(11)
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-11 - Notice, Consent, and Disclosure for Testing of Blood or Other Body Fluids › Section 45-03-11-01 - Definitions

Current through Supplement No. 393, July, 2024
1. "Informed consent form" means a printed document on which
				  an individual may signify that individual's informed consent for testing for
				  the presence of an antibody to the human immunodeficiency virus or authorize
				  the disclosure of any test results obtained.
2. "Informed consent for testing or disclosure" means written
				  consent on an informed consent form by an individual to the administration of a
				  test to that individual for the presence of an antibody to the immunodeficiency
				  virus or to the disclosure to a specified person of the results of a test
				  administered to the consenting individual.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-30-19
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-11 - Notice, Consent, and Disclosure for Testing of Blood or Other Body Fluids › Section 45-03-11-02 - Requirement for informed consent and disclosure

Current through Supplement No. 393, July, 2024
Any insurance company, health maintenance organization,
				  fraternal benefit society, benevolent society, or nonprofit health service
				  corporation conducting business in this state which requests its applicants for
				  insurance coverage to provide a body fluid sample for the purpose of testing
				  and analysis which may include testing to determine the presence of antibodies
				  or antigens to the human immunodeficiency virus (HIV), also known as the AIDS
				  virus, as part of its underwriting process, shall, prior to any such testing,
				  obtain from the applicant the applicant's informed consent for testing or
				  disclosure of the test results as provided under section
				  45-03-11-04.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-30-19
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-11 - Notice, Consent, and Disclosure for Testing of Blood or Other Body Fluids › Section 45-03-11-04 - Informed consent - Legal requirements

Current through Supplement No. 393, July, 2024
The form prescribed in section
				  45-03-11-03 is not in lieu of any
				  legal requirements applicable to persons drawing or testing blood for human
				  immunodeficiency virus to obtain informed consent for testing or disclosure.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-30-19
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-11 - Notice, Consent, and Disclosure for Testing of Blood or Other Body Fluids › Section 45-03-11-05 - Notification of test results

Current through Supplement No. 393, July, 2024
If the results of testing subject to this chapter are other
				  than normal, the insurer shall notify the North Dakota department of health and
				  consolidated laboratories. The written notification must indicate the specific
				  nature of the abnormal test results and must also indicate all persons to whom
				  the test results have been disclosed. The notice must also inform the
				  department of the specific tests and procedures used to determine the proposed
				  insured as an other than normal test result.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-30-19
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-12 - Investment, Capital, and Surplus Requirements › Section 45-03-12-01 - Capital and surplus requirements

Current through Supplement No. 393, July, 2024
In the reasonable exercising of the commissioner's
				  discretion, additional capital and surplus may be required based upon the type,
				  volume, and nature of insurance business transacted.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-02-02, 26.1-06.1-01,
					 26.1-10-05
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-12 - Investment, Capital, and Surplus Requirements › Section 45-03-12-02 - Investments

Current through Supplement No. 393, July, 2024
All companies doing business in the state shall have an
				  investment portfolio which is diversified as to type and issue and which
				  maintains liquidity.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-02-02, 26.1-05-19, 26.1-06.1-01,
					 26.1-10-06
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-12 - Investment, Capital, and Surplus Requirements › Section 45-03-12-04 - Securities lending, repurchase, reverse repurchase, and dollar roll transactions

Current through Supplement No. 393, July, 2024
An insurer may enter into a securities lending, repurchase,
				  reverse repurchase, and dollar roll transaction with business entities, subject
				  to the following requirements:
1. The
				insurer's board of directors shall adopt a written plan for engaging in
				investment practices consistent with the requirements of the written plan in
				section 45-03-12-05 and which specifies
				guidelines and objectives to be followed, such as:
a. A description of how cash received will be
				invested or used for general corporation purposes of the insurer;
b. Operational procedures to manage interest
				rate risk, counterparty default risk, the conditions under which proceeds from
				reverse repurchase transactions may be used in the ordinary course of business,
				and the use of acceptable collateral in a manner that reflects the liquidity
				needs of the transaction; and
c.
				The extent to which the insurer may engage in these transactions.
The board shall review and assess the insurer's technical
				  investment and administrative capabilities and expertise before adopting a
				  written plan concerning an investment practice.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-12 - Investment, Capital, and Surplus Requirements › Section 45-03-12-05 - Authorization of investments by the board of directors

Current through Supplement No. 393, July, 2024
An investment is deemed to be authorized by an insurer's
				  board of directors prior to its acquisition if the investment is acquired and
				  held subject to the following requirements:
1. The board of directors shall adopt a
				written plan for acquiring and holding investments and for engaging in
				investment practices that specifies guidelines as to the quality, maturity, and
				diversification of investments and other specifications including investment
				strategies intended to assure that the investments and investment practices are
				appropriate for the business conducted by the insurer, its liquidity needs, and
				its capital and surplus. The board shall review and assess the insurer's
				technical investment and administrative capabilities and expertise before
				adopting a written plan concerning an investment strategy or investment
				practice.
2. For purposes of this
				section, investment strategy means the techniques and methods used by an
				insurer to meet its investment objectives, such as active bond portfolio
				management, passive bond portfolio management, interest rate anticipation,
				growth investing, and value investing.
3. Investments shall be acquired and held
				under the supervision and direction of the board of directors and the board
				shall evidence by formal resolution, at least annually, that it has determined
				whether all investments have been made in accordance with delegations,
				standards, limitations, and investment objectives prescribed by the board or a
				committee of the board charged with the responsibility to direct its
				investments.
4. On no less than a
				quarterly basis, the board of directors or committee of the board of directors
				shall:
a. Receive and review a summary report
				on the insurer's investment portfolio, its investment activities, and
				investment practices engaged in under delegated authority, in order to
				determine whether the investment activity of the insurer is consistent with its
				written plan; and
b. Review and
				revise, as appropriate, the written plan.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-03 - Regulation of Insurance Companies › Chapter 45-03-13 - Regulation of and Standards for Companies Deemed to be in Hazardous Financial Condition › Section 45-03-13-02 - Commissioner's authority

Current through Supplement No. 393, July, 2024
1. For the purposes
				of making a determination of an insurer's financial condition under this
				chapter, the commissioner may:
a. Disregard
				any credit or amount receivable resulting from transactions with a reinsurer
				which is insolvent, impaired, or otherwise subject to a delinquency proceeding.
b. Make appropriate adjustments,
				including disallowance, to asset values attributable to investments in or
				transactions with parents, subsidiaries, or affiliates consistent with the
				national association of insurance commissioners accounting policies and
				procedures manual, state laws, and rules.
c. Refuse to recognize the stated value of
				accounts receivable if the ability to collect receivables is highly speculative
				in view of the age of the account or the financial condition of the debtor.
d. Increase the insurer's
				liability in an amount equal to any contingent liability, pledge, or guarantee
				not otherwise included if there is a substantial risk that the insurer will be
				called upon to meet the obligation undertaken within the next twelve-month
				period.