Bill > SF2457

This bill modifies insurance provisions in Minnesota by introducing several key changes. First, it expands the commissioner of commerce's powers to include issuing "data calls," which are written requests to companies for specific regulatory information. The bill establishes that information provided in response to these data calls must be treated as nonpublic data and cannot be subpoenaed, though the commissioner may create and publish summary data. Additionally, the bill introduces a new "Limited Long-Term Care Insurance Act" that will take effect on January 1, 2026, which provides comprehensive regulations for limited long-term care insurance policies. These regulations cover definitions, scope, disclosure standards, performance requirements, incontestability periods, and nonforfeiture benefits. The act aims to protect consumers by mandating clear policy information, setting standards for policy cancellation and renewal, establishing rules for preexisting conditions, and providing consumers with a 30-day right to return a policy. The bill also includes provisions for administrative rulemaking and establishes penalties for insurers or producers who violate the new regulations, with potential fines up to three times the commission paid or $10,000, whichever is greater.

Business and Industry, Justice

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2457&ssn=0&y=2025