HB 1146 Summary

• Amends North Dakota's surplus lines insurance laws governing nonadmitted insurers and the placement of insurance outside traditional state-licensed channels.

• Eliminates references to the surplus lines insurance multistate compliance compact and repeals section 26.1-44-11 regarding participation in that compact.

• Requires surplus lines producers to collect and remit a 1.75% tax on gross premiums for surplus lines insurance when the insured's home state is North Dakota.

• Requires annual verified reports from surplus lines producers by April 1st detailing aggregate gross premiums, return premiums, and taxes remitted or due for risks in North Dakota and other states.

• Becomes effective June 1, 2015, and is declared an emergency measure.