# Title 45 — Insurance, Commissioner of

## Article 45-03 — Regulation of Insurance Companies

## Chapter 45-03-24 — Unclaimed Life Insurance Benefits

### § 45-03-24-01. Commissioner's authority.

Pursuant to North Dakota Century Code chapter 26.1-55, the commissioner may approve a
transition plan and timeline temporarily waiving some or all of the requirements of chapter 26.1-55 to
allow insurance companies to phase into compliance with chapter 26.1-55.
History: Effective April 1, 2014.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-55
### § 45-03-24-02. Applicability.

Companies failing to receive transition plan approval or failing to meet a timeline approved by the
commissioner must comply with North Dakota Century Code chapter 26.1-55.
History: Effective April 1, 2014.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-55
### § 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
