MN HF1014

Authorizes the Minnesota Insurance Guaranty Association to request financial information from insureds to verify whether their net worth exceeds $25,000,000—the threshold above which claims from insurer insolvencies are excluded from coverage

Establishes a 60-day deadline for insureds to respond to financial information requests; failure to comply results in automatic presumption that net worth exceeds $25,000,000, disqualifying the claim

Requires the Association to notify insureds of the consequences of failing to provide requested financial information when making such requests

Adds a new exclusion for claims under policies with deductibles or self-insured retentions of $300,000 or more, and excludes any portion of claims falling within the insured's deductible

Amends Minnesota Statutes 2024, section 60C.09, subdivision 2, which defines what claims are not covered by the guaranty association when an insurer becomes insolvent