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ND SB2077
Bill
Status
4/22/2021
Primary Sponsor
Industry, Business and Labor Committee
Click for details
AI Summary
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Insurance companies issuing fire, allied lines, homeowner's multiple peril, farmowner's multiple peril, and commercial multiple peril insurance must report premium collections by March 1st on forms prescribed by the insurance commissioner.
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Companies failing to file required premium collection reports or statistical data by March 1st are subject to a penalty of $100 per day.
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The insurance commissioner may revoke or suspend the certificate of authority of an insurance company that fails to file the required forms.
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The insurance commissioner may waive up to 50 percent of the penalty and interest if satisfied the delay was excusable, and may issue a premium tax credit in that amount.
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All monetary penalties collected under this section must be deposited into the insurance tax distribution fund.
Legislative Description
The imposition of a monetary penalty on insurance companies failing to report certain data to the insurance commissioner; and to provide a penalty.
Last Action
Signed by Governor 04/21
4/22/2021