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 within the state. The program will provide grants to qualified property insurers, with the commissioner authorized to implement it through public-private partnerships and to adopt necessary rules for its administration. The bill defines key terms such as "Fund," "Net written premiums," and "Program," and outlines the criteria for grant applications, including minimum capital requirements and satisfactory prior experience in writing property insurance.

Additionally, the bill establishes the North Dakota insurance incentive fund, which will consist of all money transferred or appropriated to it, and will be continuously appropriated to the insurance department for administering the program. The commissioner will issue public invitations for grant applications, with specific limitations on the amount of individual grants and a requirement to allocate a portion of funds to domestic insurers. The bill also includes provisions for monitoring compliance with grant conditions, the return of unearned grant money, and the handling of grants in cases of insurer insolvency.