Board of directors of the Minnesota Insurance Guarantee Association permission to request financial information from insureds

SF 1758 amends Minnesota Statutes to allow the Minnesota Insurance Guarantee Association's board to formally request financial information from insureds to verify if their net worth exceeds $25 million (as of the prior year's December 31). This specifically affects insureds with high net worth claims related to insolvent insurers, as claims from such insureds may be excluded from coverage. The bill requires the board to notify insureds of consequences for failing to provide requested financial details within 60 days, at which point their net worth is automatically deemed to exceed $25 million. This provision clarifies the process for evaluating large insureds' claims under the Insurance Guarantee Association's coverage rules.