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Miscellaneous insurance changes

Published (6/1/2010)
By Nick Busse
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Several technical changes to the state’s insurance statutes are made by a new law.

Sponsored by Rep. Joe Atkins (DFL-Inver Grove Heights) and Sen. Dan Sparks (DFL-Austin), the law addresses a miscellany of policy issues with regard to several areas of insurance law. Unless otherwise noted, its provisions take effect Aug. 1, 2010.

Effective April 27, 2010, the law modifies the Insurers Rehabilitation and Liquidation Act by clarifying rights and obligations with regard to parties involved in a netting agreement or qualified financial contract. Also effective on that date, it spells out requirements for group life insurance for groups other than ones already defined in statute.

The law also modifies the Minnesota Life and Health Insurance Guaranty Association Act in several ways, including limitations of benefits and notice requirements.

The law also includes a number of provisions dealing with fraternal benefit societies. It establishes requirements for risk-based capital reports submitted to the Commerce Department, and spells out the department’s duties in cases where corrective measures are required.

HF3146/ SF2825*/CH275

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