Premium Payment Options
Premiums can be paid by check or credit card in a single payment or in monthly installments. If you choose to make installment payments, interest is charged on the outstanding balance. The interest rate equals the base rate posted by the Bank of North Dakota plus 2.5%. Installment payments are limited to prepaid premiums only. Premiums in default are assessed penalty interest at 2% per month or 24% annually. The minimum charge for an account is $250 per year, even if you have no employees. This rate is subject to change on an annual basis.