ND HB1143

Amends North Dakota's standard nonforfeiture law for life insurance policies to replace outdated mortality tables and calculation methods with new nonforfeiture net level premium method for policies issued after the operative date.

Requires life insurance policies to provide paid-up nonforfeiture benefits and cash surrender values upon premium default, with specific calculation methodologies based on commissioners' 1980 standard ordinary mortality table for ordinary insurance and 1961 standard industrial mortality table for industrial insurance.

Establishes nonforfeiture interest rates as 125 percent of the calendar year statutory valuation interest rate (minimum 4 percent) for policies issued before the valuation manual's operative date.

Exempts certain policy types from nonforfeiture requirements including reinsurance, group insurance, pure endowment, annuities, term policies of 20 years or less, and policies delivered outside the state.

Effective date is contingent upon: valuation manual adoption by the National Association of Insurance Commissioners, standard valuation law enactment by states representing 75 percent of direct premiums written, and enactment by at least 42 of 55 specified jurisdictions.