AI Generated Summary
This bill, S.F. No. 2457, introduced in the Minnesota Senate, proposes changes to state insurance laws. The key provisions include:
Data Calls by the Commissioner of Commerce:
- Grants authority to issue "data calls," requiring insurance companies to submit specific data for regulatory purposes.
- Ensures that data collected through these calls remains nonpublic and exempt from subpoenas.
- Allows sharing of collected data with the National Association of Insurance Commissioners (NAIC) under strict confidentiality agreements.
Regulation of Limited Long-Term Care Insurance:
- Establishes the Limited Long-Term Care Insurance Act.
- Defines key terms such as “applicant,” “certificate,” “elimination period,” and “waiting period.”
- Places restrictions on policy conditions, ensuring they cannot be canceled due to the insured's age, gender, or deterioration of health.
- Requires clear disclosure of policy terms, benefits, exclusions, and limitations for prospective policyholders.
- Sets new performance and consumer protection standards, including minimum loss ratio requirements and refund policies.
Modifications to Automobile Insurance Rules:
- Amends existing statutes governing auto insurance.
- Repeals specific outdated provisions to improve clarity.
Administrative Rulemaking and Enforcement:
- Directs the Commissioner of Commerce to develop administrative rules concerning premium adequacy, marketing practices, and penalties.
- Establishes penalties for violations, including fines up to three times the commissions earned or $10,000 per violation.
This bill aims to enhance consumer protections, improve regulatory oversight of insurance practices, and streamline administrative processes related to both auto and long-term care insurance in Minnesota.
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 12, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 12, 2025 | House | Floor | Action | Introduction and first reading | |
| March 12, 2025 | Senate | Floor | Action | Referred to | Commerce and Consumer Protection |
| March 12, 2025 | House | Floor | Action | Referred to | Commerce and Consumer Protection |
| April 01, 2025 | Senate | Floor | Action | Comm report: To pass as amended and re-refer to | Judiciary and Public Safety |
| April 02, 2025 | Senate | Floor | Action | Author added | |
| April 06, 2025 | Senate | Floor | Action | Comm report: To pass and re-referred to | Commerce and Consumer Protection |
Citations
[
{
"analysis": {
"added": [
"Added authorization for the commissioner to issue data calls."
],
"removed": [],
"summary": "This section outlines the general powers of the commissioner of commerce under Minnesota law.",
"modified": [
"Clarified the procedures for public and private investigations conducted by the commissioner."
]
},
"citation": "45.027",
"subdivision": "1"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Amendments to compel production of evidence in investigations by the commissioner of commerce.",
"modified": [
"Specified that subpoenas must state that records provided may not be disclosed without a court order."
]
},
"citation": "45.027",
"subdivision": "2"
},
{
"analysis": {
"added": [],
"removed": [
"Clarified that a data call is not considered market analysis under the cited subdivision."
],
"summary": "Relates to market conduct examinations by the commissioner of commerce.",
"modified": []
},
"citation": "60A.031",
"subdivision": "4"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This section governs the confidentiality and protection of information gathered during market conduct examinations.",
"modified": [
"Clarified that data calls are not subject to the confidentiality provisions of this section."
]
},
"citation": "60A.033",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Provisions related to automobile insurance definitions.",
"modified": [
"Details of modifications not provided in the text."
]
},
"citation": "65B.02",
"subdivision": "7"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Legal provisions for automobile insurance regulations.",
"modified": [
"Changes in requirements or provisions not specified in the text."
]
},
"citation": "65B.05",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Specific provisions related to automobile insurance policies.",
"modified": [
"Western district Hertzman programming not specified."
]
},
"citation": "65B.06",
"subdivision": "1"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Details the regulatory requirements for motor vehicle insurance policies.",
"modified": [
"Modification specifics not described in this proposal."
]
},
"citation": "65B.10",
"subdivision": "2"
}
]