ND SB2272

Creates the North Dakota Insurance Incentive Program to provide matching capital fund grants to insurers for improving availability and affordability of property insurance, with $20 million in insurance premium tax collections deposited into the fund during the 2025-2027 biennium

Individual grants range from $2 million minimum to $10 million maximum, with 20% of total funds reserved for domestic insurers and grants matched at a 1:1 ratio with insurer capital commitments

Eligible insurers must have capital surplus exceeding $10 million, satisfactory risk-based capital levels, adequate reinsurance programs, and prior experience writing property insurance

Grant recipients must write residential, commercial, or package property insurance including wind and hail coverage, with net written premiums of at least $2 for each $1 of combined insurer capital and grant funds

Grants are earned over five years at 20% annually based on compliance, with provisions for repayment if insurers fail to meet requirements or default; fund balances exceeding $20 million revert to the general fund