The bill amends section 26.1-01-03.3 of the North Dakota Century Code, which pertains to penalties for violations of the insurance title. It establishes that individuals who violate this title may face an administrative monetary penalty of up to ten thousand dollars for each violation, following a hearing by the commissioner.

Additionally, the bill allows the commissioner to require restitution for direct financial losses incurred by individuals harmed by such violations, either in addition to or instead of a monetary fine. However, the commissioner is restricted from determining obligations under insurance policies or contracts, and cannot mandate payment of claims or amounts claimed under these agreements.

Statutes affected:
INTRODUCED: 26.1-01-03.3
Adopted by the House Industry, Business and Labor Committee: 26.1-01-03.3
FIRST ENGROSSMENT: 26.1-01-03.3
Adopted by the Senate Industry and Business Committee: 26.1-01-03.3
Enrollment: 26.1-01-03.3
PREFILED: 26.1-01-03.3