Bill > HF3026

This bill modifies notice provisions for surplus lines brokers in Minnesota, specifically updating requirements for insurance policies. The bill amends an existing statute to remove the previous presumption about homeowners insurance value and adds a new requirement for surplus lines brokers. When a surplus lines broker places homeowners or property insurance on an owner-occupied dwelling through a nonadmitted insurer, they must now print a specific notice on the face of the policy in at least ten-point type. The notice informs the policyholder that they may be eligible for coverage through the Minnesota FAIR (Fair Access to Insurance Requirements) Plan, which provides property and liability coverage for qualified applicants who cannot secure insurance through standard market channels. This new notice must be clearly visible and is in addition to existing notice requirements for surplus lines insurance. The bill aims to improve transparency and ensure that homeowners are aware of alternative insurance options if they have difficulty obtaining coverage through traditional insurers.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF3026&ssn=0&y=2025