Bill > SF1758

This bill amends the Minnesota Insurance Guarantee Association (MIGA) rules by expanding the board of directors' ability to request financial information from insureds when evaluating claims related to insolvent insurers. Specifically, the bill allows the board to request financial details from insureds to determine whether their net worth exceeds $25,000,000, which would disqualify them from making a claim through the guarantee association. If an insured fails to provide the requested financial information within 60 days of the board's request, their net worth will be automatically deemed to exceed the $25,000,000 threshold, effectively preventing them from making a claim. The board must inform insureds about the consequences of not providing the requested financial information. This change helps MIGA more accurately assess claims and prevent high-net-worth entities from accessing the insurance guarantee fund, which is designed to protect policyholders of insolvent insurers with more limited financial resources.

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https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1758&ssn=0&y=2025