Section 45-06-05-06.1 - Reporting requirements1. Every insurer shall maintain records for each agent of that agent's amount of replacement sales as a percent of the agent's total annual sales and the amount of lapses of long-term care insurance policies sold by the agent as a percent of the agent's total annual sales. 2. Each insurer shall report annually by June thirtieth the ten percent of its agents with the greatest percentages of lapses and replacements as measured by subsection 1. 3. Reported replacement and lapse rates do not alone constitute a violation of insurance laws or necessarily imply wrongdoing. The reports are for the purpose of reviewing more closely agent activities regarding the sale of long-term care insurance. 4. Every insurer shall report annually by June thirtieth the number of lapsed policies as a percent of its total annual sales and as a percent of its total number of policies in force as of the end of the preceding calendar year. 5. Every insurer shall report annually by June thirtieth the number of replacement policies sold as a percent of its total annual sales and as a percent of its total number of policies in force as of the preceding calendar year. 6. For purposes of this section, "policy" means only long-term care insurance and "report" means on a statewide basis. N.D. Admin Code 45-06-05-06.1
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-45