26.1-27-03.1. Bond or insurance requirement

26.1-27-03.1. Bond or insurance requirement An administrator that administers or will administer self-insured plans in this state shall maintain a surety bond or proof of insurance satisfactory to the commissioner for the use and benefit of the commissioner for covered persons who have remitted premiums or insurance charges or other moneys to the administrator in the course of the administrator's business in the greater of the following amounts: 1. One hundred thousand dollars; or 2. Ten percent of the aggregate total amount of administered coverage under the plans handled in this state.