The North Dakota Senate took a positive step toward a more flexible and responsive insurance marketplace, according to one national insurance trade association.
“Both commercial and personal lines customers will be better served under the provisions of SB 2296 because it will allow insurers greater flexibility to respond to what is an always fast changing market,” said Steve Schneider, American Insurance Association (AIA) vice president, Midwest Region. “The legislature and Insurance Commissioner Jim Poolman are to be commended for supporting a bill that modestly streamlines government regulation while simultaneously promotes efficient business operations.”
SB 2296 establishes a presumption of market competition and creates a use-and-file system for most commercial and personal lines of insurance. The commissioner retains the ability to review filings, seek additional information, hold hearings and reject rates if necessary.
“North Dakota is a good, stable market to do business in and the passage of SB 2296 will only enhance its attractiveness,” added Schneider.
SB 2296 now goes to Gov. John Hoeven (R) for his expected signature. A copy of the bill can be found at the following link: http://www.legis.nd.gov/assembly/60-2007/bill-text/HRDG0100.pdf
Source: American Insurance Association
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The American Insurance Association represents approximately 350 major insurance companies that provide all lines of property and casualty insurance and write more than $123 billion annually in premiums. The association is headquartered in Washington, D.C. and has representatives in every state. All AIA press releases are available at www.aiadc.org.
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