AN ACT to amend and reenact section 26.1-03-10 of the North Dakota Century Code, relating to the publication of an abstract of annual statement.
Summary
HB 1398 amends North Dakota Century Code section 26.1-03-10, which governs how insurance companies publish an abstract of their annual statement and their certificate of authority. The bill keeps the existing requirement that insurers file an abstract when they submit their annual statement, but updates the publication language to require publication in a newspaper of general circulation designated by the commissioner and, for most insurers, to ensure the publications are evenly distributed across newspapers operating in each judicial district where the company has an agency.
For state and county mutual insurance companies, the bill continues to require publication once in a newspaper in the county where the company has its principal place of business, with the newspaper selected by the members at the annual meeting. The bill also preserves the requirement that the certificate of authority be published with the abstract, that publication fees follow section 46-05-03, and that proof of publication be filed with the commissioner within four months. In addition, the commissioner must provide the abstracts in a convenient form on the commissioner’s website, reflecting a shift toward online access alongside newspaper publication.
Impact
The bill amends insurance reporting and notice requirements in section 26.1-03-10, affecting licensed insurance companies operating in North Dakota and the Insurance Commissioner’s publication procedures. It changes where and how annual statement abstracts must be published, adds an explicit requirement for even distribution across newspapers in judicial districts, and continues to require website posting by the commissioner. The bill does not appear to alter substantive insurance regulation or financial reporting obligations, but it does update the statutory publication framework and related compliance steps for insurers.
Sentiment
The bill appears to have been broadly supported and noncontroversial. It passed the House 86-6 and the Senate 44-2, indicating strong bipartisan approval in both chambers. The absence of committee transcript discussion suggests there was little recorded debate or public controversy around the measure.
Contention
Any potential point of contention would likely have centered on the practical burden and cost of newspaper publication for insurers, especially the requirement to publish in multiple newspapers across judicial districts and to file proof of publication within a set deadline. However, the strong vote margins suggest these concerns, if raised, did not generate significant opposition. The bill also reflects a balance between traditional print notice requirements and modern online access through the commissioner’s website, which may have been viewed as a modest administrative update rather than a major policy change.