Definitions

As used in this chapter: 1. "Authorized to transact insurance in this state" and "admitted" means an insurer authorized by a subsisting certificate of authority issued by the commissioner to transact insurance in this state. 2. "Commissioner" means the insurance commissioner of North Dakota. 3. "Federal Liability Risk Retention Act of 1986" means that federal legislation which authorized qualified individuals or organizations to form special association insurance captives or to join together to purchase liability insurance on a group basis enacted as 15 U.S.C. 3901, et seq. 4. "Liability insurance coverage" means liability insurance policy or endorsement forms under which a liability risk retention group or liability insurer may undertake to indemnify a risk retention group or purchasing group member against liability arising from similar hazards or risk contingencies including, but not limited to, those liability insurance coverages commonly referred to in the industry as products-completed operations' liability, liquor liability, hospital professional liability, physicians', surgeons', and dentists' liability, lawyers' professional liability, elevator liability, storekeepers' liability, governmental entity general liability, public officials' errors and omissions, school board errors and omissions, directors' and officers' errors and omissions, oilfield general liability, day care general liability, outfitters' and guides' general liability, recreational area general liability, long haul truckers' liability, garage liability, pollution liability, etc. 5. "Purchasing group" means any group meeting the requirements of a purchasing group contained in North Dakota Century Code chapter 26.1-46. 6. "Purchasing group representative" means any individual, partnership, or corporation appointed by a purchasing group for the purpose of providing insurance to the members of the purchasing group or for the purpose of soliciting members for the purchasing group. 7. "Risk retention group" means any group meeting the requirements of a risk retention group contained in North Dakota Century Code chapter 26.1-46. 8. "Risk retention group representative" means any individual, partnership, or corporation appointed by a risk retention group for the purpose of providing insurance to the members of the risk retention group.