SF2313 Summary

• Establishes requirements for annual financial reporting and audits by insurers, including audit committee composition, internal audit functions for larger insurers ($500M+ in premiums), and procedures for reviewing financial statements and accounting practices.

• Creates groupwide supervision authority for the commissioner over internationally active insurance groups with $50B+ in assets or $10B+ in premiums, including coordination with other state and federal regulators and disclosure requirements.

• Adds risk-based capital trend test for health organizations to trigger company action level events when capital falls between specified thresholds.

• Requires all insurers domiciled in Minnesota to file annual Corporate Governance Annual Disclosure (CGAD) reports detailing governance structure, board composition, senior management oversight, and risk management processes, with confidentiality protections.

• Modifies Medicare supplement insurance coverage rules for newly eligible individuals (age 65+ or disabled as of January 2020 or later) to prohibit coverage of the Medicare Part B deductible under all plan types.