2013 North Dakota Century Code
Download as PDF
REINSURANCE AND DOUBLE INSURANCE
26.1-31-01. Reinsurance contract defined.
A reinsurance contract is one by which an insurer 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 be a contract of indemnity against liability and not
merely against damage.
26.1-31-03. Interest of insured in reinsurance contract.
The original insured has no interest in a reinsurance contract.
26.1-31-04. Disclosures required on reinsurance.
When an insurer obtains reinsurance, 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 same person 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 other insurance 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Repealed by S.L. 1985, ch. 330, § 4.
Page No. 1
Title 26.1 Insurance
Chapter 26.1-31 Reinsurance and Double Insurance
Disclaimer: These codes may not be the most recent version. North Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.