The bill amends subsections 7 and 8 of section 26.1-33.4-02 of the North Dakota Century Code, focusing on life settlement producer licenses and their renewal processes. It establishes that licenses may be renewed annually by April 30 upon payment of a periodic renewal fee, which must be reasonable as specified in subsection 2. The bill also stipulates that failure to pay the renewal fee results in automatic revocation of the license. Additionally, it provides specific renewal timelines for licenses issued after January 1, and those issued between May 1, 2023, and July 31, 2023, which will not require renewal until April 30, 2025.

Furthermore, the bill clarifies that the term of a provider license will align with that of a domestic stock life insurance company, while the term of a broker license will match that of an insurance producer license. Similar to the provisions in subsection 7, licenses requiring periodic renewal must be renewed by April 30, and failure to pay the renewal fees before the expiration date will lead to license expiration. The renewal timelines for licenses issued after January 1 and those issued between May 1, 2023, and July 31, 2023, are reiterated in this section as well.