The bill 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 insureds to determine their net worth. This is particularly relevant for claims that do not include those from insureds whose net worth exceeds $25,000,000 as of December 31 of the year prior to the insurer's insolvency. If an insured fails to provide the requested financial information within 60 days, their net worth will be deemed to exceed the threshold for the board's evaluation of the claim.

Additionally, the bill clarifies that claims resulting from insolvencies occurring after July 31, 1996, are excluded for insureds with a net worth above the specified limit. It also specifies that claims under policies with a deductible or self-insured retention of $300,000 or more, as well as claims for fines, penalties, interest, or punitive damages, are not covered. The new provisions aim to enhance the board's ability to assess claims accurately while ensuring that insureds are aware of the consequences of not providing the requested financial information.

Statutes affected:
Introduction: 60C.09