North Dakota Enacts Legislation to Join the Insurance Compact
WASHINGTON (April 10, 2023) – North Dakota is the 47th jurisdiction to join the Interstate Insurance Product Regulation Commission (Insurance Compact). Governor Doug Burgum signed Senate Bill 2172 on April 6th, which takes effect on August 1, 2023. North Dakota joins 46 member jurisdictions committed to a national state-based system of efficient product regulation.
"I am pleased to join my esteemed colleagues in the Insurance Compact,” said Jon Godfread, North Dakota Insurance Commissioner and 2023 Vice President of the National Association of Insurance Commissioners. “North Dakotans will benefit from the speed-to-market delivery and wide array of product offerings that must meet stringent consumer-centric requirements. I also want to thank Governor Burgum and the North Dakota legislature for recognizing the importance of collaborating with our fellow compacting states to achieve meaningful uniformity for asset-based insurance products, as well as the importance of this work to our state’s insurance marketplace.”
“I am delighted to welcome North Dakota into the Insurance Compact,” said Kathleen Birrane, Maryland Insurance Commissioner and Insurance Compact Chair. “On behalf of the Commission, we look forward to working with Commissioner Godfread and his staff on important initiatives to modernize the regulatory process for review and approval of asset-protection insurance products. I would like to extend a warm thank you to Governor Burgum and the North Dakota legislature for this opportunity to further grow this state-based collaborative organization.”
Filers may begin to add North Dakota to submitted or previously approved annuity, life insurance, and disability income product filings beginning in mid-August. North Dakota’s legislation did not include long-term care insurance products; therefore, companies may not include North Dakota in any long-term care insurance filings.