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MN HF3396

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 add new regulations on insurance brokers selling coverage to school districts
  • Prohibits insurance brokers from retaining overriding commissions (portions of sales proceeds earned by the broker's agents but kept as broker income)
  • Requires brokers to disclose all compensation to brokers or agents from potential insurance sales to school districts
  • Mandates brokers maintain fiduciary responsibility to school districts in these transactions
  • Effective date is July 1, 2014

Legislative Description

Insurance coverage sales to school districts 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