HB 1083 Summary

• Amends North Dakota Century Code sections 26.1-03.1-03 and 26.1-03.2-03 regarding "company action level event" definitions for insurance companies and health organizations.

• For property and casualty insurers, defines a company action level event when total adjusted capital is greater than or equal to company action level risk-based capital but less than three times the authorized control level risk-based capital and triggers the trend test calculation in property and casualty risk-based capital instructions.

• For health organizations, establishes a company action level event when total adjusted capital is greater than or equal to company action level risk-based capital but less than three times the authorized control level risk-based capital and triggers the trend test calculation in health risk-based capital instructions.

• Maintains existing notification and challenge procedures allowing the commissioner to notify insurers and health organizations of adjusted risk-based capital reports, with provisions for entities to challenge such reports and request a hearing.

• Passed with overwhelming support: House 92-0 (2 absent), Senate 46-0 (1 absent).