ND SB2076

Creates chapter 26.1-10.3 of the North Dakota Century Code requiring insurers and insurance groups to submit a confidential corporate governance annual disclosure to the Insurance Commissioner no later than June 1 each year.

Disclosure must be signed by the insurer's chief executive officer or corporate secretary attesting that corporate governance practices have been implemented and the report has been provided to the board of directors.

Designates all corporate governance disclosure documents as proprietary and trade secrets that are confidential, privileged, and not subject to public disclosure, discovery, or subpoena in private civil actions.

Permits the commissioner to share disclosed information with state, federal, and international regulatory agencies and third-party consultants under written agreements that maintain confidentiality and restrict permanent storage of information.

Imposes a penalty of $500 per day for late filing, with a maximum penalty of $100,000, which the commissioner may reduce if the insurer demonstrates financial hardship.