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 periodic renewal fee, which must be reasonable. It also specifies that a license issued after January 1 is not required to renew until the following April 30. Notably, the previous provision that allowed licenses issued between May 1, 2023, and July 31, 2023, to be renewed until April 30, 2025, has been deleted.

Additionally, 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 corresponds to that of an insurance producer license. Similar to the renewal process outlined in subsection 7, licenses requiring periodic renewal must be renewed by April 30, and failure to do so will result in expiration. The deletion of the previous renewal extension for licenses issued between May 1, 2023, and July 31, 2023, is also reflected in this subsection.