This bill amends section 26.1-01-03.3 of the North Dakota Century Code, which pertains to penalties for violations of the insurance title. The key changes include the introduction of a specific administrative monetary penalty of up to ten thousand dollars for each violation, which will be determined after a hearing by the commissioner.

Additionally, the bill allows the commissioner to require restitution for direct financial losses incurred by individuals harmed by such violations. This provision aims to enhance accountability and provide a mechanism for victims to recover losses resulting from violations of the insurance title.

Statutes affected:
INTRODUCED: 26.1-01-03.3
Adopted by the House Industry, Business and Labor Committee: 26.1-01-03.3
FIRST ENGROSSMENT: 26.1-01-03.3
PREFILED: 26.1-01-03.3