This bill, S.F. No. 1758, amends Minnesota Statutes 2024, section 60C.09, subdivision 2, to allow the board of directors of the Minnesota Insurance Guarantee Association to request financial information from insured individuals or entities to determine their net worth in the event of an insurance company's insolvency.

Key provisions: - It clarifies that a covered claim does not include claims from affiliates of the insurer, reinsurers, insurance pools, or underwriting associations. - It continues to exclude claims from insured entities with a net worth exceeding $25 million as of December 31 of the year before the insolvency. - The board may request financial information from an insured to determine net worth. - If the insured fails to provide financial information within 60 days, their net worth will be presumed to exceed $25 million, making their claim ineligible. - The board's request must inform the insured of the consequences of not providing the requested information.

This amendment strengthens the association's ability to assess claims by ensuring that only eligible claimants receive coverage in cases of insurer insolvency.