North Dakota Code 26.1-39-22 – Termination of property and casualty insurance agency contracts
Current as of: 2023 | Check for updates
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Any insurer authorized to transact property or casualty business in this state, upon termination of an insurance producer’s appointment by the insurer, shall permit the renewal and endorsement of all insurance contracts written by the insurance producer for a period of one year from the date of the termination, as determined by the individual underwriting requirements of the insurer. If any contract does not meet the underwriting requirements, the insurer shall give the insurance producer sixty days’ notice of its intention not to renew the contract. This section does not apply if the contract is terminated because of the insurance producer’s failure, after receiving a written demand, to pay over moneys due the insurer.
Terms Used In North Dakota Code 26.1-39-22
- Contract: A legal written agreement that becomes binding when signed.
- Individual: means a human being. 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
- year: means twelve consecutive months. See North Dakota Code 1-01-33