The bill amends and reenacts subsections 7 and 8 of section 26.1-33.4-02 of the North Dakota Century Code, which pertains to life settlement producer licenses and their renewal processes. The amendments clarify that licenses may be renewed annually by April 30 upon payment of a reasonable renewal fee. It specifies that failure to pay the renewal fee results in automatic revocation of the license. Additionally, it states that licenses issued after January 1 are not required to renew until the following April 30, removing the previous provision that allowed licenses issued between May 1, 2023, and July 31, 2023, to be renewed until April 30, 2025.

Furthermore, the bill establishes that the term of a provider license aligns with that of a domestic stock life insurance company, while the term of a broker license matches that of an insurance producer license. Similar to subsection 7, it emphasizes the importance of timely payment of renewal fees to avoid expiration of the license. The previous provision regarding extended renewal deadlines for licenses issued between May 1, 2023, and July 31, 2023, has also been deleted.