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S.F. No. 650 - Dept. of Commerce Enforcement (Second Engrossment)
 
Author: Senator Barbara Goodwin
 
Prepared By:
 
Date: April 2, 2013



 

Section 1 is a statutory cross-reference related to actuarial reports and data.

Section 2 renames the Division of Insurance Fraud at the Department of Commerce as the Commerce Fraud Bureau.

Section 3 requires a subpoena issued by the commissioner to state that the person it is directed to may not disclose that it was issued, or requested records produced, except in limited circumstances.

Section 4 deems a continuing education provider responsible for actions of a coordinator in the course of performing activities associated with license education. Requires education provider to ensure individual acting as coordinator has received prior approval from the commissioner.

Section 5 specifies a civil penalty for failure of an education provider to report an individual licensee's course completion.

Section 6 adopts an NAIC model law on actuarial opinions.

Subdivision 1 requires every property and casualty company to submit annually a "Statement of Actuarial Opinion" in accordance with instructions.

Subdivision 2 requires an actuarial opinion summary from property and casualty companies domiciled in the state.

Subdivision 3 requires an actuarial report and underlying workpapers to be prepared to support each actuarial opinion. Allows the commissioner to engage an actuary at the company's expense if the company fails to provide supporting documents or if its documents are unacceptable.

Subdivision 4 states that the appointed actuary is not liable to any person except the insurance company and the commissioner for errors and omissions.

Section 7 addresses data privacy issues related to the actuarial opinion.

Subdivision 1 requires the statement of actuarial opinion to be treated as a public document.

Subdivision 2 provides that specified supporting documents in possession of the department are confidential data on individuals or protected nonpublic data.

Subdivision 3 states that personnel of the commerce department are not required to testify in a civil action relating to confidential documents.

Subdivision 4 allows sharing of confidential documents in specified situations.

Subdivision 5 provides that disclosure of documents to the commissioner does not waive an applicable privilege or claim of confidentiality.

Section 8 adds a standard for "company action level event" in the risk based capital regulations.

Section 9 requires a criminal history record check for real estate appraisers effective Jan 1, 2015.

Section 10 conditions the ability of an appraiser to engage a trainee appraiser to assist in performance of appraisals on being licensed in good standing for 3 years and completion of a specified course.

Section 11 requires conformance to Appraisal Qualifications Board criteria for real estate appraisers by January 1, 2015.

Section 12 requires an applicant to complete education prerequisites and experience requirements before taking appraiser examinations.

Section 13 modifies prelicense education requirements for a trainee real property appraiser, including specified training hours and courses which must be completed within the five year period prior to application.

Section 14 requires a licensed real property appraiser to complete 150 hours of prelicense courses and hold an associate degree or higher from an accredited college as prerequisites for licensing. In lieu of the required degree, an applicant may complete 30 semester hours of instruction from an accredited college.

Section 15 requires a certified real property appraiser to have 200 hours of prelicense courses approved by the commissioner and at least a bachelor's degree as a prerequisite for licensing.

Section 16 requires a general real property appraiser to have 300 hours of prelicense courses approved by the commissioner and at least a bachelor's degree as a prerequisite for licensing.

Section 17 allows credit toward qualifying education requirements via completion of a specified degree in real estate from an accredited degree granting college.

Sections 18 to 20 require regulated utilities and state agencies to accept electronic service as official service.

Section 21 gives the Commerce Fraud Bureau access to the Comprehensive Incident-Based Reporting System.

Section 22 instructs the Revisor to make the name change described in section 1 throughout statutes and rules.

Section 23 repeals statutes relating to reimbursement for PVC piping at residential locations and agricultural storage tanks, as well as an obsolete statute relating to appraiser qualifications.

 

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