26.1-27-03. License required - Penalty

26.1-27-03. License required - Penalty 1. A person, including a person who directly or indirectly underwrites, collects charges or premiums from, or adjusts or settles claims on residents of this state in connection with life, annuity, or health coverage provided by a self-funded plan, may not act as or hold oneself out to be an administrator in this state, for the kinds of business for which the person is acting as an administrator, without a license issued by the commissioner. Any person violating this subsection is guilty of a class C felony. 2. All applications must be accompanied by a filing fee as prescribed in section 26.1-01-07. 3. The commissioner shall issue a license unless the commissioner after due notice and hearing determines that the administrator is not competent, trustworthy, financially responsible, or of good personal and business reputation, or has had a previous application for an insurance license denied for cause within five years. 4. The administrator shall pay an annual renewal fee as prescribed in section 26.1-01-07 to maintain the license. 5. After notice and hearing, the commissioner may revoke a license or fine the administrator not more than ten thousand dollars, or both, or the commissioner may suspend a license, or fine the administrator not more than five thousand dollars, or both, upon finding that either the administrator violated section 26.1-27-05 and subsection 4 of section 26.1-27-06 and also violated subsection 1, 2, or 3 of section 26.1-27-06 or section 26.1-27-07, 26.1-27-08, 26.1-27-10, 26.1-27-11, or 26.1-27-12, or the administrator is not competent, trustworthy, financially responsible, or of good personal and business reputation.