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MN HF2245

MN HF2245
Commissioner of commerce required to create low-cost motor vehicle insurance program for low-income residents, and money appropriated.


summary

Introduced
02/27/2023
In Committee
02/27/2023
Crossed Over
Passed
Dead
05/20/2024

Introduced Session

93rd Legislature 2023-2024

Bill Summary

A bill for an act relating to insurance; requiring the commissioner of commerce to create a low-cost motor vehicle insurance program for low-income residents; appropriating money; amending Minnesota Statutes 2022, section 65B.49, by adding a subdivision; proposing coding for new law in Minnesota Statutes, chapter 65B.

AI Summary

This bill requires the Commissioner of Commerce to create the Minnesota Lifeline Insurance Program, a low-cost motor vehicle insurance program for low-income Minnesota residents. The program will offer basic coverage at affordable premiums, and the Commissioner must consult with the Minnesota Automobile Insurance Facility, a qualified consumer organization, and the public when setting premiums. The bill also amends existing law to specify that policies issued under the Lifeline Program meet the state's minimum motor vehicle insurance requirements, and appropriates funding to the Commissioner to develop the program.

Committee Categories

Business and Industry

Sponsors (5)

Last Action

Introduction and first reading, referred to Commerce Finance and Policy (on 02/27/2023)

Taxonomy

Banking, Finance, and Domestic Commerce
  • ‐ Insurance Regulation
Social Welfare
  • ‐ Poverty and Assistance for Low-Income Families

bill text


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