SF 3338

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/29/2022 10:46am

A bill for an act
relating to insurance; providing for modification or suspension of certain
requirements in specific instances; amending Minnesota Statutes 2020, section
61A.02, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 61A.02, is amended by adding a subdivision
to read:

new text begin Subd. 7. new text end

new text begin Regulatory flexibility. new text end

new text begin (a) Upon written request by an insurer, the commissioner
may issue an order to modify or suspend a provision or provisions of this chapter with
respect to a specific life insurance policy or certificate in order for the insurer, as stated in
the policy or certificate, to provide long-term care coverage. The commissioner may issue
a modification or suspension upon a written finding that:
new text end

new text begin (1) the modification or suspension is in the best interest of the insureds;
new text end

new text begin (2) the insurer cannot effectively or efficiently provide both life insurance and long-term
care coverage under this chapter without the modification or suspension; and
new text end

new text begin (3) the modification or suspension is necessary to: (i) develop an innovative and
reasonable approach to provide both life insurance and long-term care protection; or (ii)
permit long-term care coverage to be sold as part of, or in conjunction with, a life insurance
product.
new text end

new text begin (b) The insurer requesting the order must demonstrate that the proposed new policy
satisfies the criteria in paragraph (a), clauses (1) to (3).
new text end

new text begin (c) Notwithstanding paragraph (a), the commissioner is prohibited from modifying or
suspending any provision contained in section 61A.25.
new text end