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North Dakota Century Code Title 26.1. Insurance § 26.1-44-03. Surplus lines insurance

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

The placement of nonadmitted insurance is subject to this section only if the insured's home state is this state. Surplus lines insurance may be placed by a surplus lines producer if:

1. Each insurer is an eligible surplus lines insurer;

2. Each insurer is authorized to write the kind of insurance in its domiciliary jurisdiction;

3. The surplus lines producer is aware that:

a. The full amount and type of insurance is not available from the insurers who are admitted to transact and are actually writing the particular type of insurance in this state if any are writing it; or

b. The risk was referred to the surplus lines producer by an insurance producer licensed in this state.

4. At the time of placement the surplus lines producer has determined that the nonadmitted insurer:

a. Has established satisfactory evidence of good repute and financial integrity and has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which equals the greater of:

(1)(a) The minimum capital and surplus requirements under the law of this state; or

(b) Fifteen million dollars.

(2) The requirements of paragraph 1 may be satisfied by an insurer possessing less than the minimum capital and surplus upon an affirmative finding of acceptability by the commissioner. The finding must be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends, market availability, and company record and reputation within the industry. The commissioner may not make an affirmative finding of acceptability when the nonadmitted insurer's capital and surplus is less than four million five hundred thousand dollars; or

b. For an insurer not domiciled in the United States or its territories, the insurer is listed on the quarterly listing of alien insurers maintained by the national association of insurance commissioners international insurers department; and

5. All other requirements of this chapter are met.

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Cite this article: FindLaw.com - North Dakota Century Code Title 26.1. Insurance § 26.1-44-03. Surplus lines insurance - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-26-1-insurance/nd-cent-code-sect-26-1-44-03/

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