This bill seeks to enhance the regulatory oversight of the insurance industry in Minnesota by introducing several key provisions aimed at improving financial stability and transparency. It empowers the commissioner of commerce to issue data calls for information from insurers and mandates that insurers complete a National Association of Insurance Commissioners (NAIC) liquidity stress test and file the results. The bill also introduces the "Limited Long-Term Care Insurance Act," which sets specific standards for limited long-term care insurance policies, including prohibitions on cancellation based on age or health deterioration and requirements for coverage outlines to be provided to applicants. Additionally, it modifies existing automobile insurance regulations and clarifies the powers of the commissioner to compel evidence and conduct investigations.

Significant amendments include the repeal of a provision requiring members to conduct annual reviews of applicants for voluntary insurance, streamlining the process for insurers. The bill also establishes confidentiality protections for sensitive information collected during examinations or investigations, ensuring that certain data, such as group capital calculations and liquidity stress test results, remain nonpublic unless necessary for policyholder or shareholder interests. Overall, the bill aims to strengthen the regulatory framework surrounding insurance practices in Minnesota while safeguarding sensitive information and enhancing the financial stability of insurers and their affiliates.

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