Bill
Bill > HF4960
MN HF4960
MN HF4960Insurers authorized to use weather-related losses for purposes of underwriting and rating.
summary
Introduced
03/14/2024
03/14/2024
In Committee
03/14/2024
03/14/2024
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to insurance; authorizing insurers to use certain weather-related losses for purposes of underwriting and rating; amending Minnesota Statutes 2022, sections 65A.29, subdivisions 7, 8; 70A.05.
AI Summary
This bill authorizes insurers to use certain weather-related losses, such as those caused by lightning, rain, wind, and hail, for the purposes of underwriting and rating homeowner's insurance policies. The bill amends existing laws to clarify that increasing or revising a homeowner's insurance policy deductible due to claims arising from natural causes is not considered a refusal to renew, a reduction in coverage limits, or an elimination of coverage. The bill also allows insurers to consider the impact of losses caused by natural causes when determining rates and rating methods for property and homeowner's insurance.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Hearing (13:00:00 3/18/2024 ) (on 03/18/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF4960&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF4960&version=0&session=ls93&session_year=2024&session_number=0&format=pdf |
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