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HF 946 Senate Long Description

Modifying certain provisions governing the Minnesota insurance +guaranty association; excluding insurance warranties or service contracts from+ the scope of the association; expanding the definition of person to +governmental entities and modifying the definition of affiliate; prohibiting consideration +of the association as an insolvent insurer relating to court jurisdiction; +modifying certain provisions relating to the payment of covered claims, +imposing an aggregate payment limit and authorizing recovery of claim handling +expenses; eliminating the deadline for submission of annual financial reports +to the commissioner of commerce; making optional the requirement for rates +and premiums charged for insurance polices and fidelity and surety bonds +to include amounts sufficient to recoup assessment amounts paid to the +association by member insurers; exempting the collection and use of insurance or +credit scores used by licensed insurance agents exclusively for underwriting or +rating purposes from certain disclosure authorization requirements, +requiring disclosure to the policyholders; repealing a certain requirement for +member insurers to separately disclose to insureds the amount of the premium+ charged to recoup association assessments (Ch. 74, 2003)