ND HB1429

Prohibits state investment board and other state entities from investing public funds for "social investment" purposes unless the investment provides an equivalent or superior rate of return compared to non-social investments with similar time horizons and risk.

Defines "social investment" as consideration of environmental, social, and governance (ESG) impact criteria, diversity and inclusion policies, or political and ideological factors aimed at obtaining effects other than maximized returns.

Makes it unfair insurance discrimination to refuse coverage or charge different rates based solely on ESG criteria, diversity policies, or political factors unless justified by sound underwriting and actuarial principles related to actual or anticipated loss experience.

Requires proxy votes made on behalf of state funds to comply with social investment prohibitions and prevents state entities from automatically following proxy advisory firm recommendations unless those recommendations comply with the social investment restrictions.

Directs the Bank of North Dakota to study ESG trends and policies impacting energy and agriculture industries during the 2023-24 interim and submit findings and recommendations to legislative management by June 1, 2024.