North Dakota Century Code Title 26.1. Insurance § 26.1-22-21. Excess loss reinsurance--Insurance broker of record

1. The office shall procure and shall keep in force excess loss reinsurance naming the fund as the reinsured. The excess loss reinsurance must be in an amount and for a period determined by the office to be sufficient for the fund. The reinsurance contract must reimburse the fund for losses incurred by the fund under policies issued by the fund and arising out of each occurrence of a covered cause of loss and include at least a sixty-day cancellation notice.

2. The cost of the excess loss reinsurance must be paid out of the assessment income of the fund and must be assessed against the policyholders that benefit from the reinsurance. Excess loss reinsurance must be written only by a company or companies authorized to do business within this state. The contract must be countersigned by a licensed North Dakota resident insurance producer.

3. The office may contract for insurance broker of record services to assist in procuring excess loss reinsurance. The insurance broker must be licensed and authorized to do business in the state.