Statutes, codes, and regulations
North Dakota Administrative Code
Title 45 - Insurance, Commissioner ofArticle 45-02 - Regulation of Insurance Producers, Consultants, and Administrators
Chapter 45-02-02 - Licensing of Insurance Producers, Surplus Lines Insurance Producers, and Consultants
Section 45-02-02-14.2 - Insurance producer indebtedness to companies

N.D. Admin. Code 45-02-02-14.2

Download
PDF
Current through Supplement No. 395, January, 2025
Section 45-02-02-14.2 - Insurance producer indebtedness to companies

An insurance producer who is personally liable and indebted to an insurance company for the payment of commissions, premiums, or other debts incurred in the insurance producer's insurance business with the company and who fails to timely pay that debt is financially irresponsible within the meaning of subsection 6 of North Dakota Century Code section 26.1-26-42. A civil judgment entered against an insurance producer in favor of an insurance company for the collection of such a debt creates a presumption that subsection 6 of North Dakota Century Code section 26.1-26-42 has been violated.

N.D. Admin Code 45-02-02-14.2

Effective November 1, 1987; amended effective December 1, 2001.

General Authority: NDCC 26.1-25-49

Law Implemented: NDCC 26.1-26-42(6)