Loading chat...

MN HF3395

Bill

Official Source

Status

Introduced

5/16/2014

Primary Sponsor

Joe Atkins

Click for details

Origin

House of Representatives

88th Legislature 2013-2014

AI Summary

  • Amends Minnesota Statutes section 60K.46 to regulate insurance broker sales to governmental entities
  • Prohibits insurance brokers from receiving and retaining overriding commissions (portions of sale proceeds earned by broker agents but kept as broker income) when providing coverage to governmental entities
  • Requires brokers to disclose all compensation to the broker and agents from any potential insurance sale to governmental entities
  • Requires brokers to initiate and maintain fiduciary responsibility to governmental entities when providing insurance coverage
  • Effective July 1, 2014

Legislative Description

Insurance coverage sales to governmental entities regulated.

Last Action

Introduction and first reading, referred to Commerce and Consumer Protection Finance and Policy

5/16/2014

Committee Referrals

Commerce and Consumer Protection Finance and Policy5/16/2014

Full Bill Text

No bill text available