North Dakota Life Insurance (ND)

To help financially protect consumers and insurers, the state of North Dakota has several laws and regulations in place.

North Dakota Life Insurance Laws Protecting Consumers (ND)

North Dakota’s insurance industry is overseen and regulated under Title 39 of the Revised Code of North Dakota. Claims procedures and policy requirements are outlined here in order to protect life insurance policyholders in the state:

• All life insurance claims must be settled within two months of receiving the proper documentation and proof of death. If a claim is not paid within this time frame, all proceeds will begin to accrue interest.

• The 20-day free look period allows all new life insurance policyholders in North Dakota a minimum of 20 days to review their new policy and decline it for any reason. All premiums paid must be refunded to the policyholder.

• The privacy of North Dakota life insurance policyholders is protected, as well. No insurer can legally disclose any personal information about an individual without proper authorization.

• Any requests for medical information releases by a life insurance policyholder must be honored.

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NOrth Dakota Life Insurance Regulations Protecting Insurers (ND)

Title 39 also has some protections for life insurance companies:

• Insurance companies in North Dakota are not required to settle a claim in which suicide is the cause of death within the first year of a policy’s life.

• Any misstatements or fraudulent findings on an application for coverage or policy itself will deem itself void within the first two year of the policy. All premiums paid shall be refunded.

Additional North Dakota Life Insurance Regulations (ND)

A Viatical Settlement is an arrangement made between an insured individual and a third party. The third party will “purchase” the insured’s life insurance policy will be responsible for paying all premiums. In return, the third party will be the uncontested beneficiary of the policy. Viatical Settlements are both legal and regulated in North Dakota

Insurance illustrations, which are financial projections made by an insurer, are also legal and regulated in the state.

If your life insurance company were to become insolvent, your life insurance policy will most likely be backed by the North Dakota Life & Health Insurance Guaranty Association. Compensation restrictions are as follows:

• Lost death benefit cannot exceed $300,000 per insured individual.
• Cash surrender cannot exceed $100,000 per insured individual.

These limits hold true no matter the number of polices held by the insured.

In order to be certain that you qualify for this protection, be sure that your insurer is licensed in the state of North Dakota and your premiums are current.

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