A Bismarck state senator says North Dakota’s insurance premium tax on nonprofit health insurance companies should be abolished.
Democrat Tracy Potter is drafting the proposal for the Legislature’s interim Industry, Business and Labor Committee. He says it will give Blue Cross Blue Shield of North Dakota a chance to reduce its rates.
In North Dakota life insurance premiums are taxed at 2 percent. Health, property and other forms of insurance are taxed at 1.75 percent. Potter says his legislation will apply only to nonprofit health insurers.
Insurance Commissioner Adam Hamm says he’s studying the idea. He says the Blue Cross Blue Shield and Medica companies are the biggest health insurance nonprofits doing business in North Dakota. He says during the last budget year, they paid $7.5 million in premium taxes.
Was this article valuable?
Here are more articles you may enjoy.
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
Viewpoint: Why Florida Property Insurance Rates Might (and Might Not) Keep Falling 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
