26.1-10-06.1. Supervisory colleges

26.1-10-06.1. Supervisory colleges

1. With respect to any insurer registered under section 26.1-10-04, and in accordance

with subsection 3, the commissioner may participate in a supervisory college for any

domestic insurer that is part of an insurance holding company system with

international operations to determine compliance by the insurer with this chapter. The

powers of the commissioner with respect to a supervisory college include:

a. Initiating the establishment of a supervisory college;

b. Clarifying the membership and participation of other supervisors in the

supervisory college;

c. Clarifying the functions of the supervisory college and the role of other regulators,

including the establishment of a groupwide supervisor;

d. Coordinating the ongoing activities of the supervisory college, including planning

meetings, supervisory activities, and establishing processes for information

sharing; and

e. Establishing a crisis management plan.

2. Each registered insurer subject to this section shall pay the reasonable expenses of

the commissioner's participation in a supervisory college in accordance with

subsection 3, including reasonable travel expenses. For purposes of this section, a

supervisory college may be convened as either a temporary or permanent forum for

communication and cooperation between the regulators charged with the supervision

of the insurer or the insurer's affiliates, and the commissioner may establish a regular

assessment to the insurer for the payment of expenses.

3. To assess the business strategy, financial position, legal and regulatory position, risk

exposure, risk management, and governance processes, and as part of the

examination of an individual insurer in accordance with section 26.1-10-06, the

commissioner may participate in a supervisory college with other regulators charged

with supervision of the insurer or the insurer's affiliates, including other state, federal,

and international regulatory agencies. The commissioner may enter an agreement in

accordance with subsection 3 of section 26.1-10-07 providing the basis for cooperation

between the commissioner and the other regulatory agencies, and the activities of the

supervisory college. This section does not delegate to the supervisory college the

authority of the commissioner to regulate or supervise the insurer or the insurer's

affiliates within the commissioner's jurisdiction.