North Dakota Century Code Title 26.1. Insurance § 26.1-26.8-11. Proof of bond or insurance
Current as of January 01, 2020 | Updated by FindLaw Staff
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1. At the time of issuance of a resident public adjuster license or a nonresident public adjuster license and for the duration of the license, an applicant shall maintain a surety bond or proof of insurance satisfactory to the commissioner for the use and benefit of the commissioner for insureds that have remitted fees, retainers, compensation, deposits, or other things of value to the public adjuster in the course of the public adjuster's business. The bond:
a. Must be a minimum of twenty thousand dollars; and
b. May not be terminated by the surety company or public adjuster unless written notice has been filed with the commissioner and submitted to the public adjuster at least sixty days before the termination.
2. The commissioner may request the evidence of financial responsibility at any time the commissioner deems relevant.
3. A public adjuster immediately shall notify the commissioner if evidence of financial responsibility terminates or becomes impaired. The authority to act as a public adjuster automatically terminates if the evidence of financial responsibility terminates or becomes impaired.
Cite this article: FindLaw.com - North Dakota Century Code Title 26.1. Insurance § 26.1-26.8-11. Proof of bond or insurance - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-26-1-insurance/nd-cent-code-sect-26-1-26-8-11.html
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