45-03-24-03. Requirements.

The commissioner may approve a transition plan temporarily waiving some or all of the requirements of North Dakota Century Code chapter 26.1-55 if:

1. The company demonstrates and the commissioner determines implementation of the requirements of chapter 26.1-55 will cause legitimate financial hardship;

2. The insurance company transition plan is submitted to the commissioner at least six months prior to the waiver date requested; and

3. The transition plan includes a timeline to convert electronic records and implement electronic searches within a reasonable time as determined by the commissioner.

History: Effective April 1, 2014.

General Authority: NDCC 28-32-02

Law Implemented: NDCC 26.1-55