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Committee hears bill to move state bonding fund administration from Insurance to OMB
Summary
House Bill 1026 would transfer administration of the State Bonding Fund from the Insurance Commissioner to the Office of Management and Budget and requires a multi‑year contract for administrative services if current contractor services end.
Representative Emily O’Brien of Grand Forks presented House Bill 1026, the bill to change administration of the State Bonding Fund from the Insurance Commissioner to the Office of Management and Budget (OMB). She said the proposal follows an interim review and a sister bill concerning the State Fire and Tornado Fund that the committee heard the previous day.
O’Brien summarized the bill’s intent: to remove obsolete language, update cross‑references and give OMB authority to administer the bonding fund and contract out administrative services if the current contractor does not continue. She said the change was prompted by concerns about a…
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