Bill > HF2389

This bill introduces several key changes to insurance regulations in Minnesota. It authorizes the commissioner of commerce to issue "data calls," which are written requests for specific information from insurance companies, and establishes new confidentiality and usage rules for these data calls. The bill introduces requirements for insurance holding companies to file group capital calculations and participate in liquidity stress tests, which are financial assessments designed to evaluate the financial health and risk of insurance groups. The legislation also creates a comprehensive framework for "limited long-term care insurance," establishing detailed disclosure, performance, and consumer protection standards for these policies, including provisions on policy cancellation, benefit triggers, and nonforfeiture options. Additionally, the bill makes various modifications to automobile insurance regulations, such as adjusting how risks are distributed among insurance companies and clarifying participation ratios. The bill also includes technical changes to existing insurance statutes, refining definitions, updating language, and adding new provisions for regulatory oversight of insurance companies and groups. These changes aim to enhance financial transparency, consumer protection, and regulatory effectiveness in the insurance industry.

Business and Industry, Justice

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2389&ssn=0&y=2025