The bill amends Minnesota Statutes 2024, section 45.0135, subdivision 7, to update the assessment requirements for insurers authorized to sell insurance in Minnesota. It specifies that each insurer, including surplus lines carriers, must remit an assessment to the commissioner for the insurance fraud prevention account 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," indicating that the assessment process is now applicable without a specified starting date. Additionally, it clarifies that certain entities, such as risk retention groups and township mutuals organized under chapter 67A, are not considered insurers for the purposes of this assessment.

Statutes affected:
Introduction: 45.0135