This bill amends Minnesota Statutes 2024, section 223.25, subdivision 3, to establish new guidelines for the management of the grain indemnity account. It stipulates that grain indemnity premiums must be collected until the account balance exceeds $15,000,000 as of June 30 each year. Additionally, the commissioner is prohibited from requiring further premium collections until the account drops below $8,000,000. In cases of economic hardship, the commissioner has the authority to suspend premium payments after a public meeting if the account balance is at least $8,000,000.

A significant addition to the law 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 change 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