ND| North Dakota Insurance Department Issues Summary of Insurance Legislation Recently Passed Into Law
Below are a categorical listing and limited descriptions of the bills passed please visit www.legis.nd.gov for full text.
HB 1024 – Passing operations of the Petroleum Release Compensation and Boiler Inspection programs from the Insurance Department to the Department of Environmental Quality (DAQ)
SB 2010 – Insurance Department budget and restructure
HB 1219 – Public Adjuster Licensing requirements, including resident (fingerprinting, background checks, & CEs), non-resident, and business entities
SB2167 –CE credit possible for active membership of professional insurance associations
HB 1176 – County Mutual insurance companies and the modernization of certain statutes
SB 2076 –Corporate Governance Annual Reporting
HB 1137 – Electronic delivery of policy information via secure websites & email
HB 1138 – Annual Privacy Notice obligation changes
HB 1139 – Confidentiality of the Insurance Department’s records
HB 1142 – Interpretation of the State’s insurance laws with regards to American Law Institute’s “Reinstatement of the Law, Liability Insurance” as an authoritative reference
HB 1144 – Fees for insurance services – a producer may collect both a commission and fee on commercial business, providing they meet several written disclosure requirements
SB 2010 – Rebating – Producers may make gifts to charitable organizations even if it induces an individual to seek out a quote for a contract
Life & Health
HB 1028 – Public Employee’s Retirement System self-insurance plans for health coverage requirement outline (effective March 6, 2019)
HB 1106 – Creation of Reinsurance Association of North Dakota
HB 1116 – Life & Health Guaranty Association amendments and repeals
HB 1468 – Life Insurance Policy Disclosures with regards to newborns and waiting periods
SB 2102 – Discount Plans and the Departments licensing and regulatory authority
SB 2118 – Short Term Limited Duration Plans amendments and repeals
Property & Casualty
HB 1123 – Property & Casualty Risk Rating – allowing agents or consumers to assert a fire class which may differ from a standard class used by the insurer …
HB 1140 – Renewal of Insurance Policy with Altered Terms
HB 1156 – Inception & Termination Times – allowing specific types of policies with contracts lasting less than 24 hours.
HB 1181 – Guaranteed Asset Protection Waivers (“GAP”) clarifying that GAP waivers are not an insurance product thus exempt from ND insurance regulation
HB 1280 – Inception & Expiration of insurance Policies – clarification of the voiding of in-force policies following an auto accident
HB 1391 – Regulation of Self Service Storage Insurance – creating a limited lines license for selling that business owners and employees can sell under.
HB 1075 – Four Amendments to Surplus Lines chapter in Insurance Code
- Changing SL policy placement, endorsement audit & cancellations filing requirements from a 60-day rolling deadline to a new quarterly deadline.
- Replaces diligent search affidavit requirement to a signed statement – no notarization required
- Removes requirement for agents to specify each states attributable premium in the report of insurance placement – may report it all in one figure
- Fines: sets cap of $500 for individual late filings
**Most of these bills took effect in July & August of 2019 but some took effect earlier due to emergency clauses. You may visit www.legis.nd.gov to see the complete text of all legislative bills, resolutions, and journals.