North Dakota Proposes to Amend Surplus Lines Producer Search Requirements
See bold section below for language removed. See attachment for full details.
45-09-01-03. Surplus lines insurance producer must conduct search. The licensed surplus lines insurance producer seeking the placement of nonadmitted insurance must conduct a diligent search to ascertain whether the insurance, indemnity contract, or surety bond can be procured from a company authorized to do business in this state. The surplus lines insurance producer may rely on a diligent search done by a licensed insurance producer or the insured if the surplus lines insurance producer deems it sufficient. ~~**After the placing of any surplus lines insurance, the surplus lines insurance producer must complete and file with the commissioner a surplus lines affidavit confirming such a search has been done no later than March first for the quarter ending the preceding December thirty-first, June first for the quarter ending the preceding March thirty-first, September first for the quarter ending the preceding June thirtieth, and December first for the quarter ending the preceding September thirtieth of each year. The affidavit is not required if the insured is an exempt commercial purchaser as defined in North Dakota Century Code section 26.1-44-02**.~~ History: Effective January 1, 1982; amended effective December 1, 2001; July 1, 2012; April 1, 2021, January 1, 2024. General Authority: NDCC 26.1-44-09 Law Implemented: NDCC 26.1-44-02
AgentSync Actions
Our compliance experts are constantly searching for and analyzing industry updates.
Their findings are then recorded in the Regulatory Updates section of the Compliance
Library to explain how the update impacts the insurance industry. If a change
impacts an
AgentSync product, this will be highlighted to inform you that the product is being
updated to ensure you remain in compliance.