20-2408. Restrictions on insurance purchased by purchasing groups
A. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer which is not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed insurance producer.
B. No purchasing group may offer insurance policy coverage prohibited by this title or declared unlawful by the supreme court of this state.
C. A purchasing group which obtains liability insurance from an insurer that is not admitted in this state or a risk retention group shall inform each of the members of the group which have a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state and that the risk retention group or the insurer may not be subject to all insurance laws and rules of this state.
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