This bill seeks to enhance motor vehicle and motorcycle insurance regulations in Minnesota by increasing liability coverage amounts and mandating the inclusion of uninsured and underinsured motorist coverage. 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 individuals 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 for the recovery program.

Moreover, the bill introduces new definitions and requirements related to traumatic brain injuries, sets specific timelines for arbitration processes, and mandates that motorcycle insurance policies include uninsured and underinsured motorist coverage. It also specifies vehicle classifications for insurance purposes and creates a special revenue account in the state treasury for the proceeds of the surcharge imposed on vehicles with a gross weight not exceeding 10,000 pounds. The commissioner will manage the collection and administration of this surcharge similarly to other taxes, ensuring that funds are allocated to support individuals recovering from traumatic brain injuries. The effective date for these changes is set for August 1, 2025, applying to all relevant policies issued or renewed after that date.

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