MN HF3489

Modifies stop loss coverage requirements for health insurers and health carriers by eliminating the prior aggregate attachment point rule for groups of 50 or fewer and retaining only the individual attachment point ($20,000) and groups of 51 or more (110% of expected claims) effective August 1, 2017

Requires stop loss coverage contracts issued to small employers to include claim settlement periods covering claims incurred during the contract period and paid within one month after contract expiration

Updates the definition of "company action level event" for health organizations by referencing trend test calculations included in health RBC instructions

Changes the fraternal action level event threshold from 2.5 to 3.0 times the fraternal authorized control level risk-based capital for societies with a negative trend

All amendments apply to coverage offered, sold, issued, or renewed on or after August 1, 2017