This bill amends various sections of Minnesota Statutes to update regulations concerning financial institutions, particularly focusing on interest rates for loans and contracts for deed, as well as enhancing regulatory requirements for insurers. It replaces the previous maximum interest rate reference for conventional and cooperative apartment loans with the average prime offer rate published by the United States Consumer Financial Protection Bureau. Additionally, the bill introduces new requirements for insurers, including the completion of a National Association of Insurance Commissioners (NAIC) liquidity stress test and the filing of group capital calculations, while also mandating that insurers secure a deposit or bond.

The legislation establishes a comprehensive framework for group capital calculations and liquidity stress tests, requiring annual filings from the ultimate controlling person of every insurer, with exemptions for smaller insurance holding company systems. It emphasizes the importance of maintaining confidentiality regarding acquisitions and preacquisition notifications, while also outlining the conditions under which the lead state insurance commissioner can require filings from non-U.S. based insurance holding companies. Furthermore, the bill enhances the confidentiality of group capital calculations and liquidity stress test results, allowing for limited sharing of information with third-party consultants under confidentiality agreements. Overall, the bill aims to strengthen regulatory oversight and ensure the financial stability of insurance holding companies operating in Minnesota.

Statutes affected:
Introduction: 47.20, 334.01
1st Engrossment: 47.20, 60D.09, 60D.15, 60D.16, 60D.17, 60D.18, 60D.19, 60D.20, 60D.217, 60D.22, 60D.24, 60D.25, 62D.221, 334.01