| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to insurance; modifying notice provisions governing surplus lines brokers; |
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| 3 | 3 | | 1.3 amending Minnesota Statutes 2024, section 60A.201, subdivision 2, by adding a |
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| 4 | 4 | | 1.4 subdivision. |
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| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 6 | 6 | | 1.6 Section 1. Minnesota Statutes 2024, section 60A.201, subdivision 2, is amended to read: |
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| 7 | 7 | | 1.7 Subd. 2.Availability of other coverage; presumption.There shall be a rebuttable |
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| 8 | 8 | | 1.8presumption that the following coverages are available from a licensed insurer: |
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| 9 | 9 | | 1.9 (a) (1) all mandatory automobile insurance coverages required by chapter 65B; |
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| 10 | 10 | | 1.10 (b) (2) private passenger automobile physical damage coverage; |
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| 11 | 11 | | 1.11 (c) homeowners and property insurance on owner-occupied dwellings whose value is |
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| 12 | 12 | | 1.12less than $500,000. This figure shall be changed annually by the commissioner by the same |
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| 13 | 13 | | 1.13percentage as the Consumer Price Index for the Minneapolis-St. Paul Metropolitan Area is |
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| 14 | 14 | | 1.14changed; |
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| 15 | 15 | | 1.15 (d) (3) any coverage readily available from three or more licensed insurers unless the |
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| 16 | 16 | | 1.16licensed insurers quote a premium and terms not competitive with a premium and terms |
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| 17 | 17 | | 1.17quoted by an eligible surplus lines insurer; and |
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| 18 | 18 | | 1.18 (e) (4) workers' compensation insurance, except excess workers' compensation insurance |
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| 19 | 19 | | 1.19which is not available from the Workers' Compensation Reinsurance Association. |
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| 20 | 20 | | 1Section 1. |
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| 21 | 21 | | REVISOR RSI/HL 25-0494903/20/25 |
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| 22 | 22 | | State of Minnesota |
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| 23 | 23 | | This Document can be made available |
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| 24 | 24 | | in alternative formats upon request |
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| 25 | 25 | | HOUSE OF REPRESENTATIVES |
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| 26 | 26 | | H. F. No. 3026 |
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| 27 | 27 | | NINETY-FOURTH SESSION |
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| 28 | 28 | | Authored by Stephenson04/01/2025 |
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| 29 | 29 | | The bill was read for the first time and referred to the Committee on Commerce Finance and Policy 2.1 Sec. 2. Minnesota Statutes 2024, section 60A.201, is amended by adding a subdivision to |
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| 30 | 30 | | 2.2read: |
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| 31 | 31 | | 2.3 Subd. 7.FAIR plan coverage; notice.If the insurance placed by the surplus lines broker |
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| 32 | 32 | | 2.4with a nonadmitted insurer is homeowners or property insurance on an owner-occupied |
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| 33 | 33 | | 2.5dwelling, the broker must print, type, or stamp in not less than ten-point type on the face of |
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| 34 | 34 | | 2.6the policy the following notice: "YOU MAY BE ELIGIBLE FOR COVERAGE THROUGH |
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| 35 | 35 | | 2.7THE MINNESOTA FAIR PLAN, WHICH MAKES AVAILABLE PROPERTY AND |
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| 36 | 36 | | 2.8LIABILITY COVERAGE, AS DEFINED BY THE MINNESOTA FAIR PLAN ACT, TO |
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| 37 | 37 | | 2.9QUALIFIED APPLICANTS WHO HAVE BEEN UNABLE TO SECURE PROPERTY |
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| 38 | 38 | | 2.10AND LIABILITY INSURANCE THROUGH THE NORMAL INSURANCE MARKETS." |
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| 39 | 39 | | 2.11The notice under this subdivision must not be covered or concealed in any manner, and is |
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| 40 | 40 | | 2.12in addition to the notice required under section 60A.207 or 60A.209. |
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| 41 | 41 | | 2Sec. 2. |
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| 42 | 42 | | REVISOR RSI/HL 25-0494903/20/25 |
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