MN SF4273

Modifies the Minnesota Life and Health Insurance Guaranty Association Act (sections 61B.18-61B.32) to restructure coverage limits and definitions for life, health, and annuity insurance policies.

Establishes new benefit limitation framework with specific dollar caps: $300,000 life insurance death benefits, $100,000 health insurance benefits, and $250,000 annuity benefits per individual, with aggregate limits of $300,000 per life.

Adds new definitions and clarifications including "authorized assessment," "called assessment," "benefit plan," "extra-contractual claims," and "health benefit plan" to improve administration and assessment procedures.

Expands the board of directors from nine members to 7-11 members, adds conflict of interest procedures, and allows removal of director for cause including insolvency.

Modifies assessment procedures to distinguish between "authorized" and "called" assessments, updates reinsurance succession rights, and extends the stay of proceedings from 60 to 180 days for court actions involving insolvent insurers.