ND HB1027

Transfers administration of the State Fire and Tornado Fund from the Insurance Commissioner to the Office of Management and Budget (OMB), which will manage insurance coverage for state agencies, political subdivisions, and winter shows against fire, tornado, and other property losses

Establishes a continuing appropriation from the fund for paying claims, loss adjustment expenses, administrative service contracts, loss prevention inspections, and reinsurance expenses

Requires the fund balance to be maintained at $12 million minimum; authorizes OMB to issue anticipation bonds or borrow from the Bank of North Dakota (up to 20-year term) if the balance falls below $2 million due to catastrophic losses

Allows OMB to contract with the North Dakota Insurance Reserve Fund or other entities for administrative services, with contracts limited to two-year terms ending June 30 of odd-numbered years

Directs a 2025-26 interim study on the feasibility of removing political subdivisions from the State Fire and Tornado Fund, including analysis of statutory changes needed and premium impacts