MN HF3799

Amends the definition of "insolvency" for fraternal benefit societies to include inability to pay debts or meet obligations when assets do not exceed liabilities plus required surplus, applicable to liquidation proceedings under section 64B.43.

Requires fraternal benefit societies to notify the insurance commissioner at least 90 days before implementing extra assessments and changes terminology from "commissioner" to "insurance regulator" for foreign societies.

Grants the commissioner authority to disapprove extra assessments within 60 days if not duly adopted, not in members' best interests, or do not materially improve the society's long-term viability.

Creates procedures for fraternal authorized control level events, requiring societies to submit member transfer plans within 45 days and allowing transfers to be completed within 90 days, with board approval and suspension of normal notice and approval requirements.

Authorizes liquidation of fraternal benefit societies when authorized control level events cannot be promptly remedied, with liquidation governed by chapter 60B and conducted to conserve assets and limit expenses.