This bill proposes significant amendments to the North Dakota Century Code, focusing on property insurance regulations to enhance consumer protection and industry oversight. Key provisions include the introduction of mandatory arbitration endorsements for property insurance, managed repair programs, and civil remedy actions against property insurers. The bill establishes new requirements for timely notice of property insurance claims, mandating that claims be reported within one year of the loss and supplemental claims within eighteen months, with specific provisions to toll these time limits for service members deployed in combat zones. Additionally, it introduces a definition for "large commercial risk" and modifies existing definitions related to control within insurance holding companies.

The legislation also includes provisions that prohibit insurance producers from charging premiums outside established guidelines and restricts the offering of rebates or discounts unless specified in the policy. It grants the commissioner authority to enforce these regulations and assess penalties for violations, aiming to create a more transparent insurance market. Furthermore, the bill repeals previous exemptions related to licensed surplus line producers and clarifies conditions under which surplus lines insurance can be placed, ensuring that policies cannot be issued to satisfy laws requiring coverage by licensed insurers. Overall, the bill seeks to strengthen the regulatory framework governing property insurance in North Dakota.

Statutes affected:
INTRODUCED: 26.1-02-05, 26.1-10-01, 26.1-10-04, 26.1-25-02.1, 26.1-25-16, 26.1-26-04.1, 26.1-44-03, 26.1-46-01, 26.1-46-08, 26.1-46-08.1, 26.1-44-03.3