The bill aims to enhance oversight of health maintenance organization (HMO) transactions by the commissioner of health in Minnesota. It introduces new provisions under Minnesota Statutes, chapter 62D, which require health maintenance organizations to comply with specific insurance regulations and mandates that any acquisition of assets must be reported to the commissioner. Additionally, it stipulates that no person may acquire substantial assets from a nonprofit health maintenance organization without prior approval from the commissioner, ensuring that such transactions are closely monitored.

Furthermore, the bill amends Minnesota Statutes 2022, section 317A.811, to require nonprofit health service plan corporations and health maintenance organizations to notify the attorney general of their intent to dissolve, merge, or transfer a significant portion of their assets. It establishes a waiting period for these transactions, during which the attorney general may hold a public hearing. The amendments also specify the information that must be included in the notice to the attorney general and require a report of asset transfers after the completion of such transactions. All new provisions are effective the day following final enactment.

Statutes affected:
Introduction: 62D.02, 62D.22, 317A.811
1st Engrossment: 317A.811