Minnesota Seeks to Bolster Insurance Regulation with Commerce Dept. Changes

The Minnesota Department of Commerce has undergone a reorganization that includes a new Division of Insurance aimed at unifying and strengthening insurance regulation in that state.

The Minnesota Division of Insurance houses the department’s insurance units, unifying regulatory oversight of all insurance activities. Consolidated under this Division are the insurance financial solvency and actuarial groups that were formerly located within the Financial Institutions Division, the Insurance Product Filing unit, and Life, Health, Workers’ Comp and Self-Insurance staff. Insurance-related enforcement matters, however, will remain under the authority of the department’s Enforcement Division.

What formerly was the Market Assurance Division was renamed the Enforcement Division, which consists of the Enforcement Unit, Insurance Fraud unit and Securities unit.

“Consolidating all of the department’s insurance regulatory activity into one cohesive, collaborative division is crucial to the mission of our department,” Commissioner Rothman said. “From settling a claim to filing a complaint to complying with the state’s licensing requirements, this new Division of Insurance will provide a single accessible resource for consumers and businesses working to navigate complex insurance matters in our state.”

The new Insurance Division will be led by the Assistant Commissioner of Insurance, who will report directly to Rothman. Jaki Gardner, the department’s current Assistant Commissioner of Insurance, will serve in that role until Oct. 14, 2011.

Gardner leaves on Oct. 14 to become the new COO of Catholic Holy Family Society in Joliet, Ill. The department will conduct a national search for Gardner’s successor to have that person on board at that time.

Topics Legislation Minnesota