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HF1428 (Legislative Session 94 (2025-2026))

Excess money in the grain indemnity account required to be transferred to the agricultural emergency account.

Related bill: SF2315

AI Generated Summary

This bill proposes an amendment to Minnesota Statutes section 223.25, subdivision 3, regarding the state's grain indemnity account. The key points of the bill are:

  1. Grain Indemnity Account Limits:

    • The collection of grain indemnity premiums will continue until the account balance exceeds $15,000,000 as of June 30 of any given year.
    • Collection will not resume unless the balance falls below $8,000,000.
    • If the balance is at or above $8,000,000, the commissioner has the discretion to suspend premium payments in cases of economic hardship, after holding a public meeting.

  2. Premium Collection Notification:

    • Collection must be announced by May 1, starting on July 1, and continue until the balance reaches at least $15,000,000.
    • The public must be notified through the State Register, and licensees must be informed of their obligation to collect premiums.

  3. Excess Fund Transfer:

    • If the balance exceeds $15,000,000 on June 30 of any year and no claims have been paid in the last 24 months, the excess amount will be transferred to the state's agricultural emergency account.

This amendment ensures that surplus funds in the grain indemnity account are redirected to support agricultural emergencies while maintaining a buffer for potential claims.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 23, 2025HouseFloorActionIntroduction and first reading, referred toAgriculture Finance and Policy

Citations

 
[
  {
    "analysis": {
      "added": [
        "A provision for transferring excess funds to the agricultural emergency account."
      ],
      "removed": [
        "None"
      ],
      "summary": "This bill modifies the financial management of the grain indemnity account under section 223.25.",
      "modified": [
        "Adjusts conditions for suspension and reinstatement of grain indemnity premium collection."
      ]
    },
    "citation": "223.25"
  }
]

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