If you buy health insurance on the individual market, without help from an employer, you may want to know what North Dakota is doing to protect you from unfair and unnecessary premium rate increases.  Here’s a summary of the North Dakota laws that govern rate increases.

  • North Dakota has authority to pre-approve individual market rate increases for insurers and HMOs before they go into effect.
  • For nonprofit insurers and HMOs, rates may not be, “excessive, inadequate, or unfairly discriminatory.”  N.D. Cent. Code, § 26.1-17-25 (nonprofit insurers), N.D. Cent. Code, § 26.1-18.1-15 (HMOs).
  • Rates may not be used until 60 days after they have been filed with the Insurance Commissioner, unless the Commissioner gives written approval prior to the expiration of the 60-day review period.   The Commissioner may extend the 60-day review period an additional 15 days.  N.D. Cent. Code, § 26.1-30-20.
  • For all insurers offering individual policies, loss ratios must be at least 55%.  N.D. Cent. Code, § 26.1-36-37.2.