Purpose

This bill aims to manage excess funds in Minnesota's grain indemnity account by directing surplus amounts to be transferred to the agricultural emergency account.

Main Provisions

• The grain indemnity account must collect premiums until its balance exceeds $15,000,000 as of June 30 in any year.
• If the account falls below $8,000,000, collections are reinstated; they can be suspended if hardships are confirmed while maintaining at least an $8,000,000 balance.
• The Commissioner of Agriculture announces collection intentions by May 1 with actions starting July 1, and may communicate this through the State Register.
• Surplus funds—any amount beyond $15,000,000—are transferred to the agricultural emergency account if no claims have been filed in the previous 24 months.

Significant Changes

• Introduction of a mechanism to transfer excess funds from the grain indemnity account to the agricultural emergency account, which was not previously mandated.

Relevant Terms

• Grain indemnity account
• Agricultural emergency account
• Commissioner of Agriculture
• Premium collection
• Surplus fund transfer