The bill amends and reenacts 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 reasonable renewal fee. The bill clarifies that failure to pay the renewal fee results in automatic revocation of the license. Additionally, it specifies 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 stipulates that the term of a provider license must align with that of a domestic stock life insurance company, while the term of a broker license must match that of an insurance producer license. Similar to the renewal process for providers, brokers must also renew their licenses by April 30, and failure to do so will result in expiration. The amendments aim to streamline the licensing process and ensure compliance with renewal requirements.