Bill > SB2272

This bill establishes the North Dakota Insurance Incentive Program, which aims to improve property insurance availability and affordability in the state by creating a new insurance incentive fund. The program will provide grants to insurers who commit to writing property insurance in North Dakota, with specific guidelines for grant applications and fund allocation. Insurers must meet minimum capital requirements (over $10 million in capital surplus), have a stable financial condition, and commit to writing at least two dollars of property insurance premiums for each dollar of grant funds received. The grants will be distributed in a phased approach through up to three rounds of applications, with 20% of funds reserved for domestic insurers and individual grants ranging from $2 million to $10 million. Grants will be disbursed incrementally over five years, contingent on the insurer maintaining required premium levels, and insurers who fail to comply may be required to repay unearned grant funds. The bill also transfers $20 million from insurance premium tax collections to the new fund during the 2025-2027 biennium and allows any fund balance exceeding $20 million to be transferred to the state's general fund. The program is designed to encourage insurance companies to enter or expand in the North Dakota property insurance market by providing financial incentives and support.

Budget and Finance, Business and Industry

https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo2272.html