AN ACT to create and enact section 26.1-03-19.8 and a new section to chapter 26.1-03 of the North Dakota Century Code, relating to insurance company inquiries and insurance company statements; and to amend and reenact section 26.1-03-19.1 and subsection 6 of section 26.1-03-19.4 of the North Dakota Century Code, relating to insurance company definitions and examination records.
Senate Bill No. 2124 seeks to amend and enact provisions related to insurance company inquiries and statements in North Dakota. It introduces a new section that allows the Insurance Commissioner to issue data calls to insurance companies, requiring them to respond within a specified timeframe. The bill also mandates annual market conduct statements from insurance companies, which must be filed with the commissioner. The intent is to enhance regulatory oversight and ensure that insurance companies operate within the law while maintaining the confidentiality of sensitive information.
The bill impacts the regulatory framework for insurance companies in North Dakota by formalizing the process for data calls and annual market conduct statements. It amends existing laws to clarify definitions and ensure that the information collected during examinations or data calls is kept confidential. This could lead to improved market conduct and accountability among insurance providers, while also protecting proprietary information from public disclosure.
The sentiment surrounding SB2124 appears to be overwhelmingly positive, as indicated by its unanimous passage in the Senate (46-0) and a strong majority in the House (91-1). There is a general consensus among lawmakers that the bill will strengthen the regulatory capabilities of the Insurance Commissioner and improve the insurance market's transparency and accountability.
There were no notable points of contention during the discussions surrounding SB2124, as the bill received broad support from both legislative chambers. The only dissenting vote came from a single member in the House, but specific reasons for opposition were not documented in the available discussions.