Minnesota Insurance Guarantee Association board allowed to request financial information from insureds.

HF 1014 allows the Minnesota Insurance Guarantee Association (MIGA) board to request financial information from insureds to verify if their net worth exceeds $25 million on December 31 of the prior year. This specifically affects insureds whose combined net worth (including subsidiaries) meets or surpasses this threshold, as claims from such insureds would otherwise be excluded from MIGA coverage. The bill requires MIGA to inform insureds of consequences for failing to provide requested financial details within 60 days, after which their net worth is automatically deemed above $25 million. The key mechanism streamlines MIGA’s ability to assess claim eligibility by verifying high-net-worth status through direct financial requests. This change amends Minnesota Statutes section 60C.09, subdivision 2.