The proposed bill seeks to enhance regulatory oversight of the insurance industry in Minnesota through a series of amendments and new provisions. It empowers the commissioner of commerce to issue data calls for information from insurers and establishes guidelines for treating this data as nonpublic. Insurers will be required to complete a National Association of Insurance Commissioners (NAIC) liquidity stress test and file group capital calculations to assess financial stability. The bill also modifies existing automobile insurance laws, introduces penalties for violations, and makes technical changes to the Minnesota Statutes, including clarifying definitions related to insurance entities and repealing outdated provisions.

Additionally, the bill introduces the "Limited Long-Term Care Insurance Act," which sets standards for limited long-term care insurance policies, ensuring consumer protections such as prohibiting cancellations based on age or health deterioration and mandating a 30-day return policy for unsatisfied applicants. It also establishes an incontestability period for policies in force for two years and outlines penalties for violations of these regulations. Notably, the bill repeals a requirement for members to conduct annual reviews of applicants for voluntary insurance, streamlining the process for insurers. Overall, the legislation aims to strengthen the regulatory framework governing insurers, promote transparency, and protect consumers in Minnesota's insurance market.

Statutes affected:
Introduction: 65B.10, 45.027, 65B.02, 65B.05, 65B.06
1st Engrossment: 65B.10, 45.027, 65B.02, 65B.05, 65B.06
2nd Engrossment: 45.027, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 65B.02, 65B.05, 65B.06, 65B.10