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SF 2933 Senate Long Description

E Relating to insurance; authorizing the commissioner of commerce to impose conditions or restrictions on insurance companies based on the financial condition of the company under a written agreement; restricting the inclusion of certain affiliated insurance companies in consolidated or combined audited financial statements; modifying the regulation of the insurance brokerage business; eliminating the requirement for insurance agents disclosure of the state insurance agent license number before personal solicitation of insurance sales and a certain minimum continuing education requirement; expanding the definition of related certificate holder for group life insurance purposes to dependent child and entitling covered employees, spouses and dependent children to life conversion policies upon termination of a group policy; excluding health plans providing dental or vision coverage only from certain requirements to provide coverage for maternity care, breast implants, port wine stains elimination and diabetes and to provide certain continuation or conversion rights; eliminating the requirement for financial reports of nonprofit health service plan corporations to include a certified audit report; modifying the requirement for the corporations to provide continuation coverage in marriage dissolution cases; limiting the requirement for health insurers to offer coverage of major medical expenses to applicants applying for new unqualified accident and health insurance policies under the Minnesota comprehensive health insurance act (MCHA); imposing certain filing requirements on qualified long term care insurance policies; expanding the authority of the commissioner of commerce to examine the affairs of domestic fraternal benefit societies; specifying certain capital and surplus requirements of insurers issuing motor vehicle service contracts and expanding certain conditions for policy issuance; specifying a time limit for return of unearned premium to the insured upon cancellation; recodifying a certain provision prohibiting certain discriminatory practices by automobile insurers; requiring insurance companies to provide in writing the primary reasons for adverse underwriting decisions based on credit information provided by consumer reporting agencies; clarifying the requirement for private workers compensation self insuring employers to secure incurred liabilities for the payment of compensation and modifying certain minimum and security deposit requirements and certain perfection of security requirements relating to bankruptcy or insolvency, providing for replacement insurance policies; reducing and clarifying the net worth requirement of workers compensation self insurance groups, requiring commissioner approval of first disbursement of fund surpluses and modifying certain reporting and security deposit requirements; delaying the effective date of a certain provision eliminating the prohibition on commissioner accreditation of certain home or out of classroom continuing education courses; repealing certain provisions allowing health insurers to exclude coverage for conditions caused by breast implants under certain conditions and relating to the phase-in of individual market regulation (ja)