The insurance incentive fund; to provide a continuing appropriation; and to provide an exemption.
Impact
Should SB 2272 be enacted, it will create significant changes in state law concerning property insurance. The establishment of the insurance incentive fund under the bill will facilitate a structured mechanism for financial support to insurers while imposing regulations designed to ensure insurers meet specific operational standards. The bill sets prerequisites for receiving grants, such as showing adequate capital and a stable financial condition, which would help mitigate the risks associated with granting taxpayer-funded assistance to insurers. This structured approach aims to maintain a well-regulated insurance market while ensuring consumer protection.
Summary
Senate Bill 2272 introduces the North Dakota Insurance Incentive Program aimed at improving the availability and affordability of property insurance in North Dakota. This initiative involves the creation of an insurance incentive fund to provide grants to insurers. The grants are structured to support insurers who agree to write property insurance policies in alignment with the fund's objectives, ultimately aiming to stabilize and enhance the property insurance market in the state. The bill delineates clear guidelines for how the funds will be managed and disbursed, including requirements for insurer participation and grant application processes.
Sentiment
The sentiment surrounding SB 2272 appears to be mixed or cautiously optimistic. Proponents argue that the bill will enable better access to property insurance in North Dakota, which is essential for personal and commercial property protection amid rising insurance costs. However, there are concerns regarding the use of public funds to support private insurers and whether this approach might prove sufficient in tackling the underlying issues within the property insurance market. The legislative discourse reflects a blend of enthusiasm about potential improvements alongside reluctance tied to fiscal responsibility concerning the state's financial resources.
Contention
One notable point of contention in discussions about SB 2272 is the allocation process for grants and the implications of funding sources. Critics have raised questions about the fairness of prioritizing certain insurers over others and whether the amount of aid provided adequately reflects the need within the state’s insurance landscape. Furthermore, there are apprehensions around whether these measures will genuinely translate into improved insurance access and affordability for consumers, given financial and operational challenges that may still hinder insurers from effectively using these funds.
A sales tax exemption for a fertilizer plant and allocation of sales tax revenue; to provide a continuing appropriation; to provide for a legislative management report; and to provide an expiration date.
Fuel production facility loan guarantee reserve funding, the housing incentive fund, the powers of the North Dakota pipeline authority, definitions for the clean sustainable energy authority, a clean sustainable energy authority line of credit, and an appropriation from the state fiscal recovery fund; to provide a contingent appropriation; to provide for a transfer; to provide an exemption; to provide for a study; to provide for a report; to provide a statement of legislative intent; to provide an effective date; and to declare an emergency.
The flexible transportation fund, motor vehicle excise tax allocations, an appropriation for township roadway funding, and the appropriation of bond proceeds for transportation projects; to provide an exemption; to provide a report; to provide for a legislative management study; to provide an effective date; and to declare an emergency.
A transfer of Bank of North Dakota profits to a water infrastructure revolving loan fund; to provide for a transfer; to provide an exemption; to provide for a legislative management study; to provide a report; to provide a penalty; to provide for application; to provide a retroactive effective date; to provide a contingent effective date; to provide an effective date; and to declare an emergency.
School district enrollment, the definition of "probationary teacher", a school district's policy governing possession of a weapon, the definition of "dangerous weapon", modification of weighting factors, transition maximums and an increase in per student payments, and the school construction revolving loan fund; to provide for a legislative management study; to provide a legislative management report; to provide an appropriation; to provide for an exemption; to provide for a transfer; and to provide an effective date.
Public employees retirement system retirement plan contribution rates upon reaching full funding; to provide an appropriation; to provide for a transfer; to provide for application; and to provide an effective date.