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Committee OKs referral for bill letting MNIGA assume high-net-worth nonresponse after 60 days
Summary
The House Commerce, Finance and Policy Committee voted to re-refer House File 1014 to the General Register after lawmakers approved language that would let the Minnesota Insurance Guarantee Association treat nonresponsive policyholders as exceeding a $25 million net-worth threshold if they fail to return an affidavit within 60 days.
State Rep. Dreier asked the House Commerce, Finance and Policy Committee on Feb. 20 to re-refer House File 1014 to the General Register after explaining that the measure would give the Minnesota Insurance Guarantee Association (MNIGA) added authority to determine when a policyholder should be treated as "high net worth."
The bill would change current practice for handling claims when a property-and-casualty insurance company is insolvent and a court orders liquidation. Under current law, policyholders with net worth above $25,000,000 are not eligible to make claims against the insolvent insurer. House File 1014 would allow…
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