On May 6, 2025, MN LEG approved bill, became Chapter 14, effective Aug. 1, 2025.
On Apr. 24, MN LEG passed bill re guarantee association board request
MN LEG passed Bill HF 1014 (companion SF 1758) which aims to allow the Minnesota Insurance Guarantee Association board to request financial information from insureds.
Bill amends Minnesota statutes 2024, MN INS 60C.09 related to the covered claims.
Financial Information Request
Association may request financial data from insured to determine insured's net worth.
If insured fails to provide requested financial information within 60 days of request, the insured's net worth is deemed to exceed $25mn for purposes of claim evaluations.
A request by the association to an insured seeking financial information, must inform the insured of the consequences of failing to provide the requested financial data.
Legislative History
On Feb. 17, 2025, bill introduced in House; on Mar. 24, 2025, bill was passed in House.
On Mar. 27, 2025, bill delivered to Senate; on Apr. 22, 2025, bill was passed in Senate.
On Apr. 24, 2025, House concurs amendment, pending delivery to governor for action.
Effectiveness
Bills without effective dates are effective on Aug. 1 the year bill passed the Legislature.
May 2025 MN LEG Governor Approval
On May 6, 2025, MN LEG approved bill, became Chapter 14, effective Aug. 1, 2025.
Regulators
MN LEG
Entity Types
Ins
Reference
Ch. 14, 5/6/2025; Bill HF1014, SF1758, 4/24/2025; Citation: MN INS 60C.09;
Functions
Claims/Accelerated Benefits; Compliance; Financial; Legal; Record Retention
