North Dakota Code 26.1-02-01 – Definitions
In chapters 26.1-02 through 26.1-04, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 26.1-02-01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Individual: means a human being. 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
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Domestic” means incorporated or formed in this state.
2. “Foreign”, when used without limitation, means formed by the authority of any state or government other than this state.
3. “Foreign decree” means any decree or order in equity of a court located in a reciprocal state, including a court of the United States, against any insurer incorporated or authorized to do business in this state.
4. “Insurance company” includes any corporation, association, benefit society, exchange, partnership, or individual engaged as principal in the business of insurance.
5. “Qualified party” means a state regulatory agency acting in its capacity to enforce the insurance laws of its state.
6. “Reciprocal state” means any state the laws of which contain procedures substantially similar to those specified in this chapter for the enforcement of decrees or orders in equity issued by courts located in other states, against any insurance company incorporated or authorized to do business in that state.