HB 1112 Summary

• Amends definitions in North Dakota insurance code to clarify terms including "breach of trust," "dishonesty," "fraudulent insurance act," "financial loss," "insurance," "insurer," "policy," "practitioner," and "reinsurance."

• Prohibits persons convicted of felonies involving dishonesty or breach of trust from participating in the insurance business and requires the Insurance Commissioner to deny, revoke, or refuse to renew licenses for such applicants or licensees.

• Prohibits persons in the insurance business from knowingly or intentionally permitting convicted felons to participate in insurance activities.

• Adds character and fitness requirements for insurance license applicants, requiring the Commissioner to deem applicants competent, trustworthy, financially responsible, and of good personal and business reputation.

• Modifies license refusal notification procedures to require the Commissioner to notify both the applicant and the appointing insurer of refusals, with all application fees remaining non-refundable.

• Declares the act an emergency measure.