Insurance Commissioner talks election and regulation | Prairie Public Broadcasting

Insurance Commissioner talks election and regulation

Nov 5, 2020

Credit Insurance Commission

North Dakota Insurance Commissioner Jon Godfread may have had the easiest time of all the statewide candidates seeking re-election.

That’s because he had no opponent.

The Democratic candidate was removed from the ballot because she did not meet residency requirements.

Godfread said in his second term, he wants to continue the work he’s already started – especially in terms of technology.

"One of the silver linings coming out of the COVID pandemic is that North Dakota, along with a number of other states, relaxed a lot of different regulations in regard how insurance companies can interact with their consumers," Godfread said. "It makes things a little more digital."

Godfread said he will be able to go back and review some of that code and insurance law to move the insurance industry forward into the next wave of technology.'

"It's something I'm really excited about," Godfread said.

Godfread said the state’s insurance market is “strong and competitive,” especially across those lines his office directly regulates. He said most of the issues come from flood insurance and health insurance.

"Both of those lines of insurance have a really strong federal presence," Godfread said.

Godfread said he is supporting efforts to bring some of that regulatory authority back to the state.

"By being able to do that, we're able to adapt to some of the uniqueness inherently in North Dakota and in other states," Godfread said. "It's tough to find the 'one-size-fits-all' metghod for flood insurance or health insurance."

Godfread said the North Dakota Legislature knows the people of our state better than Congress. He said there have been attempts to further erode state insurance regulation. But he said the federal McCarron-Ferguson Act gives state-based insurance regulation its foundation.