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Senate committee advances insurance-code revisions; rebating, crop-insurance carve-outs and arbitration among changes
Summary
The committee approved a package of amendments to Senate Bill 2374 that adjust rebating rules, carve out federal crop insurance, set a 12‑month limit on reopening supplemental claims, and continue negotiations on arbitration for surplus lines; the bill was reported out with a due-pass recommendation.
The Senate Industry and Business Committee voted to advance Senate Bill 2374 as amended after lengthy testimony from the North Dakota Insurance Department and industry representatives about rebating, federal crop insurance and other market provisions.
The committee adopted a multi-part amendment package that: removes specified provisions that the Insurance Department said might affect NAIC accreditation; carves federal crop insurance out of the state’s rebating rules; accepts industry-proposed language limiting reopening of claims to 12 months for supplemental claims; and continues to negotiate arbitration language for surplus lines policies so arbitration would apply only where the entire risk is in…
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