The bill amends several sections of the Minnesota Statutes related to health insurance, specifically focusing on the reinsurance assessment authority. It extends the assessment timeline, requiring group health carriers to pay assessments annually rather than as a one-time payment in 2028. The amendments include provisions for carriers to apply for deferrals of their assessments if they face financial difficulties, with specific deadlines for application and notification. Additionally, the bill mandates that the association must determine the accuracy of the assessments within two years and outlines the process for remitting collected assessments to the commissioner.

Furthermore, the bill adjusts the payment parameters for the Minnesota premium security plan, ensuring that they stabilize or reduce premium rates, increase market participation, and improve access to healthcare. It sets specific thresholds for claims costs, including an attachment point of $50,000 and a reinsurance cap of $250,000, while allowing the board to adjust these parameters as necessary. The bill also requires the board to maintain detailed accounting and reporting on the plan's operations, including quarterly and annual reports to the commissioner and legislative committees, ensuring transparency and accountability in the management of reinsurance payments and operational expenses.