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MN HF4174
Bill
Status
2/22/2024
Primary Sponsor
Tim O'Driscoll
Click for details
AI Summary
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Increases the maximum number of counties where township mutual fire insurance companies may operate from 20 to 40 adjoining counties, with a corresponding surplus requirement schedule ranging from $500,000 for 10 counties to $3,500,000 for 40 counties.
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Allows policies issued by constituent companies before a merger to remain in effect beyond the surviving company's territory until the policy expires, terminates by its own terms, or is cancelled under section 67A.18, preventing automatic cancellation due to merger.
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Prohibits the surviving company from amending or renewing policies issued in counties outside its authorized territory following a merger.
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Clarifies that qualified property held by an insured outside the surviving company's territory continues to qualify as "inside territory" property for purposes of secondary coverage, enabling extended insurance coverage for the duration of policies covering that qualified property.
Legislative Description
Number of countries in which a township mutual fire insurance company may write business increased, and policies permitted to avoid automatic cancellation in connection with the merger of township mutual fire insurance companies.
Last Action
Introduction and first reading, referred to Commerce Finance and Policy
2/22/2024