This bill amends Minnesota Statutes 2024, section 223.25, subdivision 3, to modify the management of the grain indemnity account. It establishes that grain indemnity premiums will continue to be collected until the account balance exceeds $15,000,000 as of June 30 each year. If the account falls below $8,000,000, the commissioner may reinstate premium collection. Additionally, the commissioner has the authority to suspend premium payments for producers facing economic hardship if the account balance is at least $8,000,000, following a public meeting.

A significant change introduced in this bill is the requirement that if the grain indemnity account exceeds $15,000,000 on June 30 and no claims have been paid in the previous 24 months, the excess funds must be transferred to the agricultural emergency account. This provision aims to ensure that surplus funds are utilized effectively to support agricultural emergencies, thereby enhancing the financial stability of the agricultural sector in Minnesota.

Statutes affected:
Introduction: 223.25