SB2129 Summary

• Amends North Dakota insurance code sections governing risk-based capital reporting requirements for domestic and foreign insurers to align with national association of insurance commissioners standards.

• Extends "negative trend" definition to include fraternal benefit societies, and modifies capital thresholds for life and health insurers from 2.5 times to 3 times their authorized control level risk-based capital.

• Requires insurers to file risk-based capital plans within 45 days of a company action level event and allows commissioner to specify corrective actions through regulatory orders.

• Establishes that risk-based capital reports and plans are confidential and privileged, not subject to public disclosure, subpoena in private civil actions, or use in insurance rate-setting proceedings.

• Prohibits insurers and insurance producers from publicly making statements comparing any insurer's risk-based capital levels unless rebutting materially false statements already published.