North Dakota Code 26.1-11-01 – Conditions to be complied with by foreign company before transacting insurance business in state
A foreign insurance company may not take any risk or transact insurance business in this state, either directly or indirectly, until it has:
Terms Used In North Dakota Code 26.1-11-01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Process: means a writ or summons issued in the course of judicial proceedings. 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
1. Deposited with the commissioner a certified copy of its articles of incorporation.
2. Deposited with the commissioner a statement of its financial condition and business in the form and detail the commissioner requires, signed and sworn to by its president and secretary or other similar officers.
3. Satisfied the commissioner that it is fully and legally organized under the laws of its state or government to do the business which it proposes to transact.
4. Satisfied the commissioner, if it is a stock company, that it has a fully paid-up capital stock and surplus at least equal to the stock and surplus required of domestic companies transacting the same classes of insurance.
5. Satisfied the commissioner, if it is a mutual company, that it has complied with subsection 7 of section 26.1-12-27.
6. Satisfied the commissioner that its assets are well invested and immediately available for the payment of losses in this state and in making this determination the commissioner may rely upon the provisions pertaining to authorized investments of domestic insurance companies.
7. Satisfied the commissioner that it does not insure any single hazard for a sum larger than one-tenth of its net assets.
8. Appointed the commissioner and the commissioner’s successors, by a duly executed instrument filed in the commissioner’s office, its attorney upon whom all process in any action or proceeding against it may be served and has agreed in the instrument that any process that may be served upon its attorney is of the same force and validity as if the process were served on the company and that the authority thereof continues in force irrevocable so long as any liability of the company remains outstanding in this state.
9. Agreed to appoint, and will appoint, as its insurance producers in this state only residents of this state except as otherwise provided in chapter 26.1-26.
10. Adopted a name which is not so similar to a name already in use by an existing company organized or licensed in this state as to be confusing or misleading.