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North Dakota Century Code Title 26.1. Insurance § 26.1-06.2-03. Notice to comply with written requirements of commissioner--Noncompliance--Administrative supervision

Current as of January 01, 2024 | Updated by Findlaw Staff

1. An insurer may be subject to administrative supervision by the commissioner if upon examination or at any other time it appears in the commissioner's discretion that:

a. The insurer's condition renders the continuance of its business hazardous to the public or to its insureds.

b. The insurer appears to have exceeded its powers granted under its certificate of authority and applicable law.

c. The insurer has failed to comply with the applicable provisions of this title.

d. The business of the insurer is being conducted fraudulently.

e. The insurer gives its consent.

2. If the commissioner determines that the conditions set forth in subsection 1 exist, the commissioner shall:

a. Notify the insurer of the commissioner's determination.

b. Furnish to the insurer a written list of the requirements to abate this determination.

c. Notify the insurer that it is under the supervision of the commissioner and that the commissioner is applying and effectuating the provisions of the chapter. The action by the commissioner is subject to review pursuant to chapter 28-32.

3. If placed under administrative supervision, the insurer has sixty days, or another period of time as designated by the commissioner, to comply with the requirements of the commissioner subject to the provisions of this chapter.

4. If it is determined after notice and hearing that the conditions giving rise to the supervision still exist at the end of the supervision period specified above, the commissioner may extend the supervision period.

5. If it is determined that none of the conditions giving rise to the supervision exist, the commissioner shall release the insurer from supervision.

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Cite this article: FindLaw.com - North Dakota Century Code Title 26.1. Insurance § 26.1-06.2-03. Notice to comply with written requirements of commissioner--Noncompliance--Administrative supervision - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-26-1-insurance/nd-cent-code-sect-26-1-06-2-03/

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