ND SB2317

Insurance producers may charge fees for services related to sale, solicitation, negotiation, placement, or servicing of insurance contracts if they provide written disclosure on a commissioner-approved form before rendering services.

Disclosure must include the nature and itemized amount of fees, statement that fees are in addition to premiums, disclosure of any duty of loyalty to the insurer, and clear disclosure of any commissions received from the sale of related insurance policies.

Insurance producer and charged party must sign and date the disclosure, and the producer must retain the signed disclosure for at least five years and make it available to the commissioner upon request.

Insurance producers may not rebate or return fees as an inducement to purchase specific policies or coverage, fees must bear a reasonable relationship to services provided and cannot be discriminatory, and producers may charge fees for credit card or electronic premium payments.

Producers charging fees for loss exposure analysis services owe a higher standard of care and must fully advise parties about insurance needs, potential loss sources, and available coverage recommendations.