MN HF2389

Authorizes the Commissioner of Commerce to issue data calls requiring regulated entities to provide information for regulatory oversight, with responses classified as nonpublic data not subject to subpoena

Requires insurance holding company systems to file annual group capital calculations with their lead state insurance commissioner following NAIC instructions, with exemptions for systems under $1 billion in premiums or those supervised by the Federal Reserve Board

Mandates insurers meeting NAIC liquidity stress test scope criteria to complete and file annual liquidity stress test results, with confidentiality protections prohibiting public disclosure or use in ranking insurers

Creates new "Limited Long-Term Care Insurance Act" (effective January 1, 2026) for policies providing less than 12 months of coverage, establishing disclosure requirements, 30-day free-look period, preexisting condition limitations of 6 months, and penalties up to $10,000 or three times commissions for violations

Modifies Minnesota Automobile Insurance Plan (MAIP) to allow the facility to directly issue policies and underwrite insurance rather than requiring distribution to member insurers, and repeals the requirement for annual review of facility-insured applicants for voluntary market placement