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MN SF2543
Bill
Status
Engrossed
5/11/2022
Primary Sponsor
Gary Dahms
Click for details
AI Summary
- Amends Minnesota Statutes section 65B.48, subdivision 3, to regulate motor vehicle self-insurance programs for cooperatives
- Sets application fee of $2,500 (nonrefundable initial) and renewal fees of $1,200 for political subdivisions or $1,500 for nonpolitical entities every three years
- Prohibits the commissioner from cancelling or denying self-insurance authority to cooperatives organized under chapter 308A or 308B that submit a negative net funds flow statement, if the cooperative maintains working capital equal to three times the amount of self-insured authority granted
- Requires self-insurance applicants to demonstrate continuing undertaking to pay liabilities, prompt claims administration, and reliable financial arrangements substantially equivalent to insurance policy protections
Legislative Description
Motor vehicle self-insurance for cooperatives regulation
Last Action
Senate file first reading, referred to Commerce Finance and Policy
5/11/2022
Committee Referrals
Commerce Finance & Policy5/11/2022
Commerce and Consumer Protection Finance and Policy5/14/2021
Full Bill Text
No bill text available