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2004 Summary of New State Laws - Minnesota

Issue

Bill #

Bill Description

Fraud

HB 2640

Creates a Division of Insurance Fraud Prevention and requires each insurer to pay an assessment to fund the insurance fraud prevention account. Effective 5/30/04. Chapter 269, Laws of 2004.

Tort Reform

(Appeal Bonds)

HB 1425

Provides that execution of a judgment for payment of money is stayed during the course of appeal if the judgment debtor files a bond in the amount of the judgment. Previous law provided for a stay of six months and set the bond amount at double the judgment. The total bond required is capped at $150 million, regardless of the value of the judgment. If a creditor provides evidence that a debtor is dissipating assets to avoid paying a judgment, the court may require a bond in the amount of the judgment. Effective 5/14/04. Chapter 180, Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

Minnesota State Resource Center