26.1-31 Reinsurance and Double Insurance - North Dakota Statutes

Download pdf

Loading PDF...

CHAPTER 26.1-31REINSURANCE AND DOUBLE INSURANCE26.1-31-01. Reinsurance contract defined. A reinsurance contract is one by which aninsurer contracts with a third person to insure the insurer against loss or liability by reason of an
original insurance contract made by the insurer.26.1-31-02. Scope of reinsurance contract. A reinsurance contract is presumed to bea contract of indemnity against liability and not merely against damage.26.1-31-03. Interest of insured in reinsurance contract. The original insured has nointerest in a reinsurance contract.26.1-31-04.Disclosures required on reinsurance.When an insurer obtainsreinsurance, the insurer shall communicate all the representations of the original insured and all
the knowledge and information the insurer possesses, regardless of when acquired, which is
material to the risk.26.1-31-05.Double insurance defined.A double insurance exists when the sameperson is insured by several insurers separately in respect to the same interest.26.1-31-06. Double insurance of one of several things. The procurement of any otherinsurance contract upon one or more of several distinct interests insured by one insurance policy
does not render void any insurance upon the interests not covered by such other insurance
contract. In case of loss or damage, the value of property doubly insured must be deducted from
the value of all the property covered by the insurance policy. Any agreement made to waive the
provisions of this section is void.26.1-31-07.Contribution of insurers on fire loss doubly insured.Repealed byS.L. 1985, ch. 330,