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Insurance Department proposes fee increases to bolster regulatory trust fund; lawmakers press for alternative fixes
Summary
The Insurance Department proposed increases to company and producer licensing fees that it estimates would raise about $2.4 million per biennium; lawmakers questioned whether altering the trust fund turnback threshold or more modest fee changes could address the department’s reported cash‑flow timing issue.
Rachel Krieg, administrative division director for the Insurance Department, presented House Bill 1123, an agency bill that would increase several company and producer licensing fees and consolidate where fees are listed in Title 26.1. Krieg said the department reviewed other states’ fees and found North Dakota’s renewal and annual fees had not been updated for decades.
Krieg said Legislative Council’s updated fiscal note estimates the proposed changes would…
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