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SB 2092

AN ACT to amend and reenact subsections 7 and 8 of section 26.1-33.4-02 of the North Dakota Century Code, relating to life settlement producer licenses and reporting requirements.

69th Legislative Assembly (2025-26)

The bill standardizes renewal timing and terms for life settlement licenses to align with insurance licenses and includes a one-time extension for 2023-issued licenses.

Filed with Secretary Of State 04/08
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Bill Summary · SB 2092

Summary — SB 2092 (North Dakota)

AN ACT to amend and reenact subsections 7 and 8 of section 26.1-33.4-02, N.D.C.C. (life settlement producer licenses and reporting requirements)

Purpose

This bill revises the renewal timing and term provisions for life settlement provider and broker licenses under North Dakota law. It clarifies annual renewal deadlines, aligns license terms with existing insurance license cycles, and creates a transitional renewal schedule for licenses issued during a specific 2023 window.

The bill was requested by the Insurance Commissioner.

Key provisions

  • Renewal deadline

    • Licenses that require periodic renewal must be renewed annually on or before April 30 upon payment of the periodic renewal fee.
    • A license issued after January 1 is not required to renew until the following April 30.

  • Fee limitation and consequences for nonpayment

    • The renewal fee for a provider “may not exceed a reasonable fee,” as specified in subsection 2 of the statute.
    • Failure to pay the required renewal fee within the prescribed time results in automatic revocation (or expiration) of the license.

  • Term alignment

    • The term of a provider license is made to be equal to that of a domestic stock life insurance company.
    • The term of a broker license is made to be equal to that of an insurance producer license.

  • Transitional renewal postponement (specific 2023 window)

    • Licenses issued between May 1, 2023, and July 31, 2023, are not required to be renewed until April 30, 2025. (This defers renewal for licenses issued during that window to the April 30, 2025 renewal cycle.)

Who is affected

  • Life settlement providers and brokers operating in North Dakota (licensees).
  • The Department of Insurance/Insurance Commissioner (administration and enforcement of licensing rules).
  • Potentially insurers and insurance producers insofar as license terms and renewal administration are aligned.

Procedural / timeline notes

  • Introduced: March 7, 2025 (at the request of the Insurance Commissioner).
  • Passed both chambers with unanimous or near-unanimous support (Senate and House roll calls shown in enrollment).
  • Signed by the Governor on April 7, 2025; filed with the Secretary of State on April 8, 2025.
  • The bill amends only subsections 7 and 8 of N.D.C.C. § 26.1‑33.4‑02; no other statutory sections were changed.

Practical impact

  • Clarifies renewal mechanics and consequences for nonpayment, reducing ambiguity for licensees and regulators.
  • Aligns life settlement license terms with existing insurance licensing cycles, simplifying administration.
  • Provides a one-time extension for licenses issued in the May–July 2023 window, delaying their next renewal to April 30, 2025, which may reduce short-term renewal workload for those licensees and the regulator.

Related: companion bill HB 1680.

Compiled from official sources — confirm details with the bill’s official record.

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