As used in this chapter:

Terms Used In North Dakota Code 26.1-06.2-01

  • Contract: A legal written agreement that becomes binding when signed.
  • following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
  • written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37

1.    “Consent” means agreement to administrative supervision by the insurer.

2.    “Exceeded its powers” means any of the following conditions:

a.    The insurer has refused to permit examination of its books, papers, accounts, records, or affairs by the commissioner, the commissioner’s deputies, employees, or duly commissioned examiners.

b.    A domestic insurer has unlawfully removed from this state books, papers, accounts, or records necessary for an examination of the insurer.

c.    The insurer has failed to promptly comply with the applicable financial reporting statutes or rules and departmental requests relating thereto.

d.    The insurer has neglected or refused to observe an order of the commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital, capital stock, or surplus.

e.    The insurer is continuing to transact insurance or write business after its license has been revoked or suspended by the commissioner.

f.    The insurer, by contract or otherwise, has unlawfully or has in violation of an order of the commissioner or has without first having obtained written approval of the commissioner, if approval is required by law, totally reinsured its entire outstanding business, or merged or consolidated substantially its entire property or business with another insurer.

g.    The insurer engaged in any transaction in which it is not authorized to engage under the laws of this state.

h.    The insurer refused to comply with a lawful order of the commissioner.

3.    “Insurer” means and includes every person engaged as indemnity, surety, or contractor in the business of insurance or of annuities. For purposes of this chapter, any other persons included under section 26.1-06.1-02 must be deemed to be insurers.