HF 3466 Summary

• Establishes risk-based capital reporting requirements for fraternal benefit societies, including annual reports to the commissioner by March 1 detailing risk-based capital levels.

• Creates fraternal action level and authorized control level events that trigger commissioner intervention, including requiring corrective action plans, revised capital plans, and potential regulatory actions like mergers or suspension of new business.

• Provides procedures for society challenges to adjusted risk-based capital reports and corrective orders through contested case hearings under chapter 14, with decisions made within 10-30 days of request.

• Adjusts multiple dollar amounts throughout Minnesota Statutes to reflect changes in the implicit price deflator for gross domestic product, using 2000 as the base index year with adjustments effective July 1 of even-numbered years if changes exceed 10 percent.

• Establishes immunity for the commissioner and Department of Commerce employees for actions taken in performance of duties under the fraternal benefit society risk-based capital provisions.