S.F. No. 4427 Summary

• Appropriates $108,000 for fiscal year 2022 and $1,326,000 for fiscal year 2023 to the Department of Commerce for administrative services, insurance division, and enforcement division operations.

• Allocates funding for specific initiatives including $500,000 for a study on free primary care feasibility, $180,000 for additional insurance division staff focused on property and casualty products, and $519,000 for enforcement staff and a Commerce Fraud Bureau peace officer.

• Transfers $65,882,000 from the premium security plan account to the health care access fund by June 30, 2025, and establishes ongoing transfers for MNsure ($2,100,000 in FY2023 with specified bases through FY2029) and administrative costs ($216,000 in FY2023 with bases through FY2028).

• Modifies financial institution assessment procedures by consolidating regulatory language and redirecting various licensing fees to the financial institutions account under section 46.131, subdivision 11.

• Implements member assessments for the Minnesota premium security plan beginning in plan year 2023 to pay the state share of reinsurance costs, with assessments determined annually and interim assessments permitted as needed for administrative and operational expenses.