The bill establishes a task force on homeowners and commercial property insurance in Minnesota, aimed at evaluating issues related to insurance affordability for various housing types and small businesses. The task force will consist of members appointed by various legislative leaders and organizations, including the commissioner of commerce and representatives from the insurance and housing sectors. It is tasked with identifying recommendations to strengthen the insurance industry, consulting with relevant stakeholders, and reviewing factors that impact insurance costs, such as risk mitigation, liability laws, and the reinsurance market.

Additionally, the bill appropriates $200,000 from the general fund for fiscal year 2025 to support the task force's administrative needs. The task force is required to submit a report by February 15, 2026, summarizing its activities, findings, and recommendations, including any necessary draft legislation. The task force will expire upon submission of this report, and the provisions of the bill will take effect the day after final enactment.