Minnesota Session Laws - 1990, Regular Session

  

                         Laws of Minnesota 1990 

                        CHAPTER 450-S.F.No. 2412 
           An act relating to state government; requiring the 
          state board of investment to invest certain assets 
          currently managed by the commerce department; amending 
          Minnesota Statutes 1988, section 79.251, by adding a 
          subdivision; and 79A.12, subdivision 2. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1988, section 79.251, is 
amended by adding a subdivision to read: 
    Subd. 7.  [INVESTMENT OF ASSETS.] The commissioner shall 
certify and transfer to the state board of investment all 
assigned risk plan assets which in the commissioner's judgment 
are not required for immediate use.  The state board of 
investment shall invest the certified assets, and may invest the 
assets consistent with the provisions of section 11A.14.  All 
investment income and losses attributable to the investment of 
assigned risk plan assets must be credited to the assigned risk 
plan.  When the commissioner certifies to the state board that 
invested assets are required for immediate use, the state board 
shall sell assets to provide the amount of assets the 
commissioner certifies.  The board shall transfer the sale 
proceeds to the commissioner. 
    Sec. 2.  Minnesota Statutes 1988, section 79A.12, 
subdivision 2, is amended to read: 
    Subd. 2.  [ASSESSMENT.] The security fund may assess each 
of its members a pro rata share of the funding necessary to 
carry out its obligation and the purposes of this chapter.  
Total annual assessments in any calendar year shall not exceed 
four ten percent of the workers' compensation benefits paid 
under sections 176.101 and 176.111 during the previous calendar 
year.  The annual assessment calculation shall not include 
supplementary benefits paid which will be reimbursed by the 
special compensation fund.  Funds obtained by assessments 
pursuant to this subdivision may only be used for the purposes 
of this chapter.  The trustees shall certify to the commissioner 
the collection and receipt of all money from assessments, noting 
any delinquencies.  The trustees shall take any action deemed 
appropriate to collect any delinquent assessments. 
    Sec. 3.  [EFFECTIVE DATE.] 
    Section 1 is effective May 1, 1991. 
    Presented to the governor April 12, 1990 
    Signed by the governor April 12, 1990, 10:50 a.m.