This bill seeks to enhance the regulation of limited long-term care insurance in Minnesota by amending Minnesota Statutes 2024, section 45.027. It authorizes the commissioner of commerce to issue data calls, which are written requests for information from regulated entities, and classifies the information obtained as nonpublic data, not subject to subpoena. The bill also introduces the "Limited Long-Term Care Insurance Act," which establishes guidelines for insurance policies, ensuring they do not discriminate based on age, gender, or health status, and prohibits practices such as requiring prior hospitalization for benefits. Additionally, it allows applicants to return their policies within 30 days for a full refund if unsatisfied.

Key provisions include the requirement for insurers to provide a coverage outline to applicants, detailing essential policy information, and mandates that insurers must give a written explanation for any claim denials within 60 days. The bill establishes an incontestability period for policies and outlines nonforfeiture benefits. It also emphasizes the need for administrative rules to ensure premium adequacy and protect policyholders from significant rate increases, with penalties for violations reaching up to three times the commissions paid for each affected policy or up to $10,000. The changes are set to take effect on January 1, 2026.

Statutes affected:
Introduction: 65B.10, 45.027, 65B.02, 65B.05, 65B.06
1st Engrossment: 45.027