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, after a hearing, to require restitution for direct financial losses incurred by individuals harmed by such violations. However, it clarifies that the commissioner cannot determine whether an obligation is owed under an insurance policy or contract, nor can they mandate payment of claims or amounts claimed under such policies.

Statutes affected:
PREFILED: 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
INTRODUCED: 26.1-01-03.3