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

Summary

This bill allows the Minnesota Insurance Guarantee Association board to ask insured individuals or companies for financial information if needed. The board wants to make sure they have enough funds to help policyholders if an insurance company becomes insolvent and cannot pay claims. By requesting this information, the board can better assess the financial health of insured parties and make informed decisions to protect policyholders. This measure aims to strengthen the oversight and financial stability of the insurance industry in Minnesota, ultimately safeguarding individuals who rely on insurance coverage for their homes, vehicles, and other assets.