Bill > SF2794

This bill modifies several aspects of Minnesota's financial regulations, with a primary focus on insurance holding companies and loan interest rates. The key provisions include changing the maximum interest rate calculation for certain loans and contracts for deed by replacing the previous method with the average prime offer rate plus four percentage points, and introducing new requirements for insurance companies regarding group capital calculations and liquidity stress testing. The bill requires insurers to file annual group capital calculations and liquidity stress test results with the state insurance commissioner, with specific exemptions for smaller or less complex insurance holding company systems. Additionally, the bill enhances the commissioner's oversight capabilities by allowing them to require insurers to secure deposits or bonds if they are in a hazardous financial condition, and it establishes strict confidentiality and usage guidelines for the new financial reporting requirements. The legislation also clarifies definitions related to insurance holding companies, adds provisions for sharing and protecting sensitive financial information, and makes technical amendments to existing statutes governing financial institutions and insurance regulations.

Business and Industry, Justice

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2794&ssn=0&y=2025