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.
Click here to see North Dakota Insurance Department Summary in Full