Section 45-05-05-03 - Risk retention groups not chartered in this state Registration1. Any risk retention group chartered in a state other than North Dakota and not holding a subsisting certificate of authority issued by the commissioner of the state of North Dakota, before offering liability insurance as a risk retention group on any risk located, resident or to be performed in this state, shall: a. Register with the commissioner in the form and manner prescribed by the commissioner, a statement sworn to by the president or chief executive officer and the secretary of the risk retention group providing such information and documentation as the commissioner shall require pursuant to North Dakota Century Code section 26.1-46-03. b. File with the commissioner a copy of the risk retention group's charter showing that it has been organized primarily for the purpose of assuming and spreading all, or any portion, of the liability exposure of the group members. c. File with the commissioner a copy of the risk retention group's certificate of authority or license issued in its state of domicile authorizing it to transact business as an insurance company. d. File with the commissioner a copy of the risk retention group's most recent annual financial statement which must be certified by an independent public accountant. 2. Any risk retention group chartered in a state other than North Dakota and not holding a subsisting certificate of authority issued by the commissioner of the state of North Dakota which has registered with the commissioner pursuant to section 3(d) of the Federal Liability Risk Retention Act of 1986 or North Dakota Century Code section 26.1-46-03 prior to October 1, 1989, shall comply with subsection 1 by registering in the form prescribed by subsection 1 on or before December 1, 1989. 3. The statement of registration appointing the commissioner as agent for the purpose of receiving legal documents and service of process, required in North Dakota Century Code sections 26.1-46-03 and 26.1-46-07 shall be irrevocable, and must be in substantially the same form as that shown in exhibit A. N.D. Admin Code 45-05-05-03
Effective October 1, 1989.General Authority: NDCC 26.1-46-13, 28-32-02
Law Implemented: NDCC 26.1-46