The North Dakota Insurance Department is a state regulatory agency headed by the Insurance Commissioner. The Department maintains offices on the fifth floor of the State Capitol and on Burnt Boat Dr. in Bismarck. About 45 full-time staff members serve the public. All fees and fines paid by companies or agents are deposited into the Insurance Regulatory Trust Fund, from which the money to operate the Department is appropriated by the Legislature.
The Administrative Division is responsible for oversight of the accounting, budget, information technology needs and general office support for the Insurance Department. The division also oversees the Insurance Department's day-to-day business operations, human resources and personnel management.
The Property and Casualty/Producer Licensing Division licenses more than 50,000 agents doing business in North Dakota. Before any person can be licensed to sell insurance, he or she must pass a prelicensing examination for the lines of insurance the individual wishes to sell.
The division is assigned all duties necessary to carry out the issuing, renewal and ongoing processing of producer licensing, including license applications, renewals, agent appointments, continuing education filing reports and course approval for continuing education courses.
In addition, this division reviews policy forms to ensure that policy language complies with all the laws of this state, properly reflects the benefits provided by the policy and is not deceptive or misleading. For most types of property and casualty insurance, this division evaluates the premium rates companies propose to charge to assure that the premiums are not excessive, inadequate or unfairly discriminatory.
The Life and Health/Medicare Division assists consumers who need assistance with insurance or are having difficulty with their insurance company. The division educates consumers, acts as a liaison between consumers and companies, and tracks trends.
Within the Life and Health/Medicare Division is the Prescription Connection, a program that connects qualified people of all ages with discount drugs, direct from the manufacturer.
Also within this division is the State Health Insurance Counseling (SHIC) program, which works with trained volunteers throughout the state to help senior citizens with questions about Medicare and related health insurance policies. More than 90 volunteers around the state are trained to help North Dakota seniors with questions regarding Medicare and Medicare supplements.
In addition, this division reviews policy forms to ensure that policy language complies with all the laws of this state, properly reflects the benefits provided by the policy and is not deceptive or misleading. For most types of life and health insurance, this division evaluates the premium rates companies propose to charge to assure that the premiums are not excessive, inadequate or unfairly discriminatory.
The Company Licensing and Examinations Division continually monitors the financial strength of insurance companies to help assure they have enough money to pay policyholder claims. It performs periodic financial audits of North Dakota based companies to assure they are financially sound and complying with state laws dealing with insurance company financial matters. This division oversees the licensing of approximately 1,400 insurance companies doing business in the state.
Any company seeking to sell insurance in North Dakota must go through a prelicensure review to screen out those companies that are either financially troubled or have a history of regulatory problems in other states.
The Legal Division works with Insurance Department Fraud Investigation Division investigators to enforce the laws applicable to insurance agents and insurance companies doing business in North Dakota. If the results of the investigation warrant it, the Legal Division is responsible for bringing administrative actions against insurance companies and agents, and for handling the appeal of any action. The division also drafts all legislation and administrative rules proposed by the Insurance Department. Finally, the division advises Insurance Department staff about laws, administrative rules and the implementation of agency policy.
The Fraud Investigation Division is responsible for conducting investigations on behalf of the public.