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Lawmakers back bill letting Minnesota Insurance Guarantee Association deem non‑responsive insureds as over the $25 million net‑worth threshold
Summary
Senate File 1758 would allow the Minnesota Insurance Guarantee Association to treat insureds who fail to return a net‑worth affidavit within 60 days as exceeding the $25 million threshold that disqualifies claim coverage, to speed claims processing after an insurer insolvency. The committee recommended the bill to general orders.
Senate File 1758, introduced by Sen. Lee Dames, would modify procedures for the Minnesota Insurance Guarantee Association (MIGA) to determine whether claimants are covered when an insurer is liquidated. Specifically, the bill would permit MIGA to treat an insured who does not return a…
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