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SF2512 (Legislative Session 94 (2025-2026))

Obsolete language removal

Related bill: HF2235

AI Generated Summary

This bill, Minnesota Senate File No. 2512, proposes amendments to Minnesota Statutes 2024, section 45.0135, subdivision 7, by removing obsolete language related to insurer assessments for the state's insurance fraud prevention account.

Key Points:

  1. Assessment Requirement:

    • Insurers authorized to sell insurance in Minnesota, including surplus lines carriers, must pay an annual assessment to the commissioner for deposit into the insurance fraud prevention account.
    • The amount of the assessment is based on:
      • Total assets of the insurer.
      • Total written Minnesota premium from the previous fiscal year.

  2. Assessment Rates:

    • Based on Total Assets:
      • Less than $100 million → $400
      • Between $100 million - $1 billion → $1,500
      • Greater than $1 billion → $4,000
    • Based on Minnesota Written Premium:
      • Less than $10 million → $400
      • Between $10 million - $100 million → $1,500
      • Greater than $100 million → $4,000

  3. Entities Not Considered Insurers:

    • Risk retention groups and township mutuals under Chapter 67A are exempt from these assessments.

This bill is classified as a commerce-related legislation and was referred to the Commerce and Consumer Protection Committee for further review.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 12, 2025HouseFloorActionIntroduction and first reading
March 12, 2025SenateFloorActionIntroduction and first reading
March 12, 2025HouseFloorActionReferred toCommerce and Consumer Protection
March 12, 2025SenateFloorActionReferred toCommerce and Consumer Protection

Citations

 
[
  {
    "analysis": {
      "added": [
        "Clarification on the assessment due date and amount based on asset and premium thresholds."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill modifies the assessment structure for insurers under section 45.0135, subdivision 7.",
      "modified": [
        "Updates the assessment categories and amounts for insurers based on total assets and written premiums."
      ]
    },
    "citation": "45.0135",
    "subdivision": "subdivision 7"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "The bill references section 60A.13 regarding reporting of financials.",
      "modified": [
        ""
      ]
    },
    "citation": "60A.13",
    "subdivision": ""
  }
]

Sponsors