Purpose of the Bill

The bill aims to establish a task force focused on evaluating and improving the affordability and stability of homeowners and commercial property insurance in Minnesota. It seeks to address concerns related to disruptions or loss affecting housing infrastructure and small businesses.

Main Provisions

• Task Force Creation: A group will be formed to address issues of insurance affordability and stability relating to single-family homes, multifamily rentals, cooperatives, and small businesses.
• Membership Composition: The task force will include members from various sectors, including government, industry associations, and consumer advocacy groups. Representatives from the Minnesota Legislature, insurance industry, and community organizations will be appointed to the task force.
• Duties: The task force is tasked with reviewing various factors affecting insurance, such as risk mitigation strategies, liability laws, the reinsurance market, and factors increasing claim costs. They will consult with relevant agencies and stakeholders to develop recommendations.
• Reporting: A report summarizing the task force’s findings and recommendations, and including draft legislation, must be submitted by February 15, 2026, to relevant state departments and legislative committees.

Significant Changes

The bill proposes establishing a formal group to systematically address and provide solutions for insurance-related issues impacting Minnesota's housing and small businesses, an area previously not comprehensively managed by a dedicated task force. This could lead to legislative and administrative changes based on its findings.

Relevant Terms

• Homeowners insurance
• Commercial property insurance
• Task force
• Insurance affordability
• Minnesota housing infrastructure
• Climate impact on insurance
• Risk mitigation
• Reinsurance
• Fraudulent claims