AI Generated Summary
Purpose of the Bill
The purpose of this bill is to update existing Minnesota commerce laws by removing outdated language and amending the rules related to the assessment of insurance companies operating within the state. This is designed to streamline processes and ensure clear guidelines for insurance assessments.
Main Provisions
- Insurance Company Assessments: Insurance companies authorized to operate in Minnesota, including surplus lines carriers, are required to remit an assessment fee to the state by June 1st each year. This fee goes into the insurance fraud prevention account.
- Assessment Criteria: The assessment amounts are determined by two main criteria:
- Total Assets of the insurer:
- Less than $100,000,000: $400
- Between $100,000,000 and $1,000,000,000: $1,500
- Over $1,000,000,000: $4,000
- Minnesota Written Premiums for the preceding fiscal year:
- Less than $10,000,000: $400
- Between $10,000,000 and $100,000,000: $1,500
- Over $100,000,000: $4,000
- Exclusions: Risk retention groups and township mutuals organized under chapter 67A are not considered insurers for the purpose of this assessment.
Significant Changes
- The bill clarifies the existing law by updating assessment amounts and ensuring that the process reflects current industry figures and needs.
Relevant Terms
insurance company, surplus lines carriers, risk retention groups, township mutuals, insurance fraud prevention, assessment fee, Minnesota written premium, total assets
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 12, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 12, 2025 | Senate | Floor | Action | Referred to | Commerce and Consumer Protection |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "The bill refers to an existing method for reporting insurer premiums under section 60A.13.",
"modified": [
"Amendment of assessment schedule for insurers based on total assets and written premium."
]
},
"citation": "60A.13"
}
]