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 North Dakota 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 ensuring compliance with its provisions.

Additionally, the bill amends existing laws to include the insurance incentive fund in the list of funds managed by the board and specifies that any excess balance in the insurance regulatory trust fund will be transferred to the insurance incentive fund instead of the general fund. It also includes an exemption for the insurance premium tax collections, mandating that $20 million be deposited into the insurance incentive fund before any deposits are made to 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.

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