Modifying certain provisions regulating insurance fees, rates, filings and policy renewals and alterations; modifying a certain contract renewal or new policy option and requiring posting of the information on the web site or annual notice to policyholders of the availability of current policy forms; providing an expedited form and rate filing procedure for homeowners and automobile insurance, specifying certain compliance certification filing, fee payment and recordkeeping requirements, authorizing commissioner of commerce audits and investigations for compliance determination purposes, authorizing insurer assessments for investigation costs; eliminating the requirement for insurance companies to attempt to rehabilitate fire or casualty loss insurance agents before termination of the contractual relationship and extending the time limit for renewal of insurance contracts written by terminated agents; restricting reduction of agent commissions; exempting coverage under the federal terrorism risk insurance act from a certain provision regulating renewal of policies with altered rates; applying a certain business corporation proceedings expenses advance reimbursement requirement to insurance holding companies, providing for the determination of eligibility; modifying a certain written memorandum or binder requirement of insurance producers, authorizing forwarding to the insured by mail, facsimile or electronics; providing an expedited procedure for life or annuity contracts; modifying certain requirements for authorizations to disclose or collect personal or privileged information under the Minnesota insurance fair information reporting act
(Ch. 74, 2005)