The North Dakota Insurance Code primarily serves to protect which group?

The North Dakota Insurance Code is designed primarily to protect consumers and policyholders. This legislation establishes a regulatory framework to ensure that insurance companies operate fairly and responsibly. It aims to uphold consumer rights, ensuring that they receive fair treatment in the sales and servicing of insurance policies. This includes provisions that require clear disclosure of policy terms, safeguards against unfair discrimination, and mechanisms for claims and dispute resolution. The overarching goal is to build consumer confidence in the insurance market by promoting transparency and accountability among insurance providers.

While other groups, such as insurance agents, insurance companies, and state regulators, have roles within the framework of the insurance industry, the protection of consumers and policyholders is the primary focus of the North Dakota Insurance Code. This focus underscores the importance of consumer trust and stability within the market, which in turn supports the overall health of the insurance sector.