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HF 2628

as introduced - 92nd Legislature (2021 - 2022) Posted on 05/13/2021 03:22pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to commerce; regulating motor vehicle self-insurance for cooperatives;
amending Minnesota Statutes 2020, section 65B.48, subdivision 3.


Section 1.

Minnesota Statutes 2020, section 65B.48, subdivision 3, is amended to read:

Subd. 3.


new text begin(a) new text endSelf-insurance, subject to approval of the commissioner,
is effected by filing with the commissioner in satisfactory form:

(1) a continuing undertaking by the owner or other appropriate person to pay tort liabilities
or basic economic loss benefits, or both, and to perform all other obligations imposed by
sections 65B.41 to 65B.71;

(2) evidence that appropriate provision exists for prompt administration of all claims,
benefits, and obligations provided by sections 65B.41 to 65B.71;

(3) evidence that reliable financial arrangements, deposits, or commitments exist
providing assurance, substantially equivalent to that afforded by a policy of insurance
complying with sections 65B.41 to 65B.71, for payment of tort liabilities, basic economic
loss benefits, and all other obligations imposed by sections 65B.41 to 65B.71; and

(4) a nonrefundable initial application fee of $2,500 and a renewal fee of $1,200 for
political subdivisions and $1,500 for nonpolitical entities every three years.

new text begin (b) The commissioner is prohibited from cancelling or denying self-insurance authority
to a cooperative organized under chapter 308A or 308B that submits a negative net funds
flow statement, provided the cooperative has working capital in an amount that is a multiple
of three times the amount of the self-insured authority granted by the commissioner.
new text end