1.    It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act.

Terms Used In North Dakota Code 26.1-33.4-15

  • Fraud: Intentional deception resulting in injury to another.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

2.    For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty of committing insurance fraud.

3.    The commissioner may levy a civil penalty not exceeding fifty thousand dollars per violation and the amount of the claim for each violation upon any person, including those persons and their employees licensed pursuant to this chapter, who is found to have committed a fraudulent life settlement act or violated any other provision of this chapter.

4.    The license of a person licensed under this chapter which commits a fraudulent life settlement act must be revoked.