58-5C-1      Definition of terms.
58-5C-2      Malpractice insurance contracts among attorneys.
58-5C-3      Incorporation of mutual malpractice insurers--Conflict of laws.
58-5C-4      Number of insurance applications required before certificate issued to mutual insurer.
58-5C-5      Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.

58-5C-1. Definition of terms.

Terms as used in this chapter, unless the context otherwise requires, mean:

(1)    "Director," the director of insurance;

(2)    "Legal malpractice insurance," insurance coverage against the legal liability of the insured and against loss, damage, or expense incident to a claim arising out of an error, omission, negligence, or malpractice in the rendering of professional service by any licensed attorney, his agents, or employees.

Source: SL 1977, ch 405, § 1.

58-5C-2. Malpractice insurance contracts among attorneys.

Any number of attorneys licensed to practice their profession in any of the states, may enter into contracts with each other for the purpose of protecting themselves by insurance against loss by reason of actions at law on account of their alleged error, mistake, negligence, or omission or malpractice in the performance of their profession, or for loss by reason of damages in other respects, and to reimburse any member in case of such loss.

Source: SL 1977, ch 405, § 2.

58-5C-3. Incorporation of mutual malpractice insurers--Conflict of laws.

All domestic corporations, organized for the purpose of transacting such insurance business under the provisions of this chapter, shall incorporate under the provisions of chapter 58-5, and be regulated as mutual insurers; provided, the provisions of this chapter shall govern where in conflict with other laws or parts of laws.

Source: SL 1977, ch 405, § 3.

58-5C-4. Number of insurance applications required before certificate issued to mutual insurer.

No original certificate of authority may be issued by the director of the Division of Insurance until one hundred applications have been received from licensed attorneys to be affected, and until the director has satisfied himself that such a mutual insurer has bona fide applications representing the number of applicants required.

Source: SL 1977, ch 405, § 4; SL 1979, ch 342.

58-5C-5. Admission of foreign insurer to solicit applications and do business in state--Reports--Taxation--Supervision.

Any mutual insurer organized under laws substantially similar to this chapter in another state, for the purpose of transacting the kind of business described in this chapter may upon application and without prior operating experience or examination be admitted to solicit applications, and if the necessary number is obtained, do business in the state if the director finds such admission is in the public interest; and shall thereafter make all reports and be subject to taxation, examination, and supervision by the director of insurance to the same extent and in the same manner as are other foreign insurers.

Source: SL 1977, ch 405, § 5.