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 for the commissioner to transfer any amount exceeding $15,000,000 in the grain indemnity account to the agricultural emergency account if no claims have been paid in the previous 24 months. This provision aims to ensure that excess funds are allocated to support agricultural emergencies, thereby enhancing the financial stability of the agricultural sector in Minnesota.

Statutes affected:
Introduction: 223.25