MN HF647

Renames the "Division of Insurance Fraud Prevention" to the "Commerce Fraud Bureau" and clarifies its law enforcement authority, duties, and jurisdiction over insurance fraud offenses.

Requires property and casualty insurance companies to submit annual statements of actuarial opinions of reserves with supporting documentation and workpapers; designates the actuarial opinion as public while protecting supporting materials as confidential and privileged.

Modifies no-fault insurance benefits by increasing the maximum disability and income loss benefit from $250 to $500 per week and increasing funeral and burial expense limits from $2,000 to $5,000.

Increases educational requirements for real estate appraiser licenses, including raising prelicense course hours for certified residential appraisers from 120 to 200 hours and certified general appraisers from 180 to 300 hours; requires bachelor's degree for certified residential appraisers and adds new requirements for trainee and licensed appraiser supervision.

Prohibits automobile insurance policies, personal excess liability policies, and personal umbrella policies from excluding or limiting liability based solely on the injured person being a household member or relative of the insured; modifies workers' compensation self-insurance funding to accept cash and letters of credit; and expands acceptable securities for self-insurance plans.