Bill > HF1014

This bill modifies the Minnesota Insurance Guaranty Association's (MIGA) rules regarding covered claims by expanding the association's ability to request financial information from insureds when determining whether a claim is eligible for coverage. Specifically, the bill allows MIGA to request financial information from insureds to verify their net worth, which is important because claims from insureds with a net worth exceeding $25,000,000 are not considered covered claims. If an insured fails to provide the requested financial information within 60 days of the request, the bill stipulates that their net worth will be automatically deemed to exceed $25,000,000, which would disqualify them from receiving coverage. The association must inform the insured of the consequences of not providing the requested financial information, ensuring transparency in the process. This change helps MIGA more accurately assess claims and prevent coverage for larger, financially stable insureds who can potentially handle their own insurance losses. The bill amends Minnesota Statutes 2024, section 60C.09, subdivision 2, to implement these provisions.

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https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1014&ssn=0&y=2025