The bill amends section 26.1-36.7-08 of the North Dakota Century Code, which pertains to the requirements for the reinsurance association of North Dakota claims. It specifies that for claims totaling at least one hundred thousand dollars and not more than one million dollars incurred per plan year, a member insurer must be reinsured by the association for an amount not exceeding seventy-five percent of the insurer's responsibility for claims. Additionally, the board is tasked with determining the attachment points and coinsurance percentage for association claims annually by April first of the preceding year.
The bill also removes the term "individual's nongrandfathered" from the language, streamlining the requirements for reinsurance. Furthermore, it declares the Act to be an emergency measure, indicating the urgency of implementing these changes.
Statutes affected: INTRODUCED: 26.1-36.7-08
PREFILED: 26.1-36.7-08