The proposed bill aims to enhance regulatory oversight of the insurance industry in Minnesota by introducing several key provisions, including the authorization for the commissioner of commerce to issue data calls and the establishment of group capital calculations and requirements for insurers to complete a National Association of Insurance Commissioners (NAIC) liquidity stress test. Insurers will be required to file the results of these calculations and tests, secure a deposit or bond, and comply with new regulations related to limited long-term care insurance. The bill also modifies existing provisions regarding automobile insurance and introduces penalties for non-compliance, while emphasizing the importance of maintaining adequate financial oversight and ensuring the competitiveness of the insurance marketplace.

Significant amendments include the introduction of new definitions and instructions related to group capital calculations and liquidity stress tests, as well as the clarification that data collected through data calls is nonpublic. The bill also establishes confidentiality requirements for sensitive information obtained during examinations or investigations, ensuring it is not subject to subpoena unless certain conditions are met. Additionally, it repeals the requirement for members to provide coverage offers after a 30-day notice to the agent of record for private passenger nonfleet applicants, streamlining the process. Overall, the bill seeks to strengthen the financial stability and transparency of the insurance sector in Minnesota while protecting the interests of policyholders and the public.

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