AN ACT to create and enact section 26.1-03-19.8 and a new section to chapter 26.1-03 of the North Dakota Century Code, relating to insurance company inquiries and insurance company statements; and to amend and reenact section 26.1-03-19.1 and subsection 6 of section 26.1-03-19.4 of the North Dakota Century Code, relating to insurance company definitions and examination records.
What changed between versions
Added new definitions for 'data call' and 'person' to clarify what information the Insurance Commissioner can request and who is subject to the regulations.
Created a new section requiring insurance companies to file annual market conduct statements with the Insurance Commissioner, detailing their business activities and compliance status.
Established a formal 'data call' process allowing the Insurance Commissioner to request specific information from insurance companies within 20 days, with provisions for extensions.
Modified the definition of 'data call' to clarify it can be issued before, during, or in lieu of an examination, giving the Commissioner more flexibility in gathering information.
Strengthened confidentiality protections for examination records and data call responses, explicitly stating they are not subject to subpoena and may not be made public except in aggregate or anonymized formats.