Life insurance in North Dakota

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There are 504 life insurers licensed to do business in North Dakota. Three of these are domiciled in the state. As of 2006, North Dakota residents had $50 billion in death benefit coverage, and owned 410,000 individual life insurance policies, with coverage averaging $81,000 per policyholder. Group life insurance coverage amounted to $20 billion. For North Dakota's almost a million residents, life insurance is an important part of personal financial planning.

The Office Responsible for Life Insurance in North Dakota

Consumers may visit North Dakota's Insurance Department to verify the licenses of any life insurance company they're thinking of doing business with. In addition, consumers can learn about various types of insurance on the website and about the laws and regulations that apply to the sales and purchase of life insurance in North Dakota. There is also a consumer page where one may check to see if any life insurance company has had a complaint filed against it, or to lodge a complaint against a company if necessary.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the North Dakota Life & Health Insurance Guaranty Association, which was created by statute. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in North Dakota's Title 26.1. These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Contacting the North Dakota Insurance Department