This bill proposes the creation of a new chapter in Title 26.1 of the North Dakota Century Code, establishing the North Dakota insurance incentive program aimed at enhancing the availability and affordability of property insurance in the state. It introduces the "insurance incentive fund," which will receive funds transferred from the insurance regulatory trust fund and will be used to provide grants to qualified property insurers. The bill outlines the administration of the program, including the issuance of grant applications, minimum capital requirements for insurers, and the allocation of matching capital funds. The commissioner of insurance is tasked with implementing the program and adopting necessary rules.

Additionally, the bill amends existing laws to facilitate the transfer of funds to the newly created insurance incentive fund, specifically allowing for a continuing appropriation of funds for its administration. It also includes an exemption that mandates $20 million of insurance premium tax collections to be deposited into the insurance incentive fund before any deposits into the general fund during the specified biennium. This legislative effort aims to bolster the insurance market in North Dakota by providing financial support to insurers that meet certain criteria, thereby improving property insurance options for residents.

Statutes affected:
Adopted by the Senate Industry and Business Committee: 21-10-06, 26.1-01-07.1
FIRST ENGROSSMENT: 21-10-06, 26.1-01-07.1