NAMIC: RATE REFORM WOULD BE 'GREAT'

A bill to modernize North Dakota’s rate and rate filing standards “will be of great benefit to North Dakota insurance markets” and “would send a strong message to Congress that states can improve and modernize the state system of insurance regulation,” according to testimony by the National Association of Mutual Insurance Cos.

HB 1329 calls for the elimination of prior regulatory approval of rate and rate filing standards for fire, property, casualty and commercial lines of insurance.