Minimum standards

The group policy obtained by the commission shall provide to each individual licensee, at a minimum, the following terms of coverage: 1. Not less than one hundred thousand dollars single-limit liability coverage for each licensee per occurrence or claim made, not including costs for investigation or defense; 2. An annual aggregate limit of not less than five hundred thousand dollars per licensee; 3. A deductible amount for each occurrence of not more than one thousand dollars for single-limit liability coverage and one thousand dollars maximum additional deductible for defense and investigation; 4. An extended reporting provision of ninety days and an option to purchase an additional three years extended reporting provision for a premium not to exceed two hundred percent of the premium charged for the last year of the terminating coverage; 5. Coverage under this section for covered acts in any state, United States territory, or Canada in which a covered individual, domiciled in North Dakota, holds a license; 6. Stacking of benefits; 7. Proration of premiums for coverage that is purchased during the course of a calendar year but with no provision for refunds of unearned premiums; 8. The ability of a licensee, upon payment of an additional premium, to obtain higher or excess coverage or to purchase additional coverages from the group carrier as may be determined by the carrier; 9. That coverage is individual and license-specific and will cover the licensee regardless of changes in employing broker; and 10. Prior acts coverage shall be offered to licensees with continuous past coverage.