This bill seeks to improve motor vehicle and motorcycle insurance regulations in Minnesota by increasing liability coverage and requiring uninsured and underinsured motorist coverage for motorcycles. It raises the minimum liability limits for bodily injury from $30,000 to $60,000 for one person and from $60,000 to $120,000 for multiple persons involved in an accident. Additionally, the bill establishes a Traumatic Brain Injury Recovery Account and program, which will provide compensation to eligible beneficiaries who suffer traumatic brain injuries in automobile accidents. Insurers will be required to collect a surcharge to fund this program and must inform policyholders about the surcharge and application procedures.

The legislation also introduces specific definitions and requirements related to traumatic brain injuries, outlines the permissible use of the recovery account, and sets eligibility criteria for beneficiaries. It mandates that insurers provide clear information regarding the surcharge and the traumatic brain injury recovery program, establishes arbitration timelines to expedite claims processing, and requires annual reporting on the account's activities. The effective date for these changes is set for August 1, 2025, applying to policies issued or renewed after that date. The bill also includes provisions for the collection and administration of the surcharge by the commissioner, ensuring it aligns with existing tax regulations.

Statutes affected:
Introduction: 65B.133, 65B.43, 65B.44, 65B.48, 65B.49