The bill amends Minnesota Statutes 2024, section 45.0135, subdivision 7, to update the language regarding the assessment that insurers must remit to the commissioner for the insurance fraud prevention account. It specifies that each insurer authorized to sell insurance in Minnesota, including surplus lines carriers, must remit this assessment based on their total assets and total written Minnesota premium from the previous fiscal year. Notably, the bill removes the phrase "Beginning with the payment due on or before June 1, 2024,", which suggests that the assessment process is now applicable without a specified starting date. Additionally, the bill clarifies that certain entities, such as risk retention groups and township mutuals organized under chapter 67A, are not considered insurers authorized to sell insurance in Minnesota for the purposes of this assessment.

Statutes affected:
Introduction: 45.0135