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Insurance Commissioner Briefs Committee on Market Trends, Health‑care Costs and Long‑term Care Risks
Summary
The state insurance commissioner gave a broad briefing to the House and Senate Industry, Business and Labor committees on insurance regulation, market pressures and emerging issues including a hard property‑casualty market, long‑term care rate shocks and limits on state authority over ERISA‑regulated plans.
Commissioner Godfried told the joint committee the U.S. insurance market remains a global leader and that state regulation — rooted in the McCarran‑Ferguson Act — focuses on two core duties: ensuring insurer solvency and protecting consumers.
He outlined the three broad lines of insurance: property and casualty (P&C), life and annuity, and health insurance, and flagged current pressures including inflation, rising claim costs, cyber risk and reinsurance‑price volatility. "We're in a hard market," the commissioner said, describing an environment in which insurers tighten underwriting, reduce capacity and increase premiums.
On North Dakota numbers, the commissioner said the state has 29 domestic insurers, more than 9,100 business entities licensed to operate here, roughly 5,800 resident insurance producers and about 119,000…
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