ND SB2305

Creates exemption from diligent search requirements for surplus line producers when a risk is referred by another licensed insurance producer in North Dakota.

Requires surplus line producers to file quarterly placement reports by March 1, June 1, September 1, and December 1 with signed statements certifying diligent efforts to place coverage with admitted insurers.

Exempts exempt commercial purchasers from diligent search requirements if they receive written disclosure that admitted market insurance may be available and subsequently request nonadmitted coverage in writing.

Establishes civil penalties of up to $25 per day of delinquency (not exceeding $500 per violation) for failure to file placement reports, signed diligent search statements, endorsements, audits, cancellations, or annual tax statements.

Allows revocation of surplus line producer licenses for failure to file required documents, falsifying diligent search statements, or non-compliance with insurance regulations; reissuance prohibited for two years after revocation.