Minnesota Seeks to Bolster Insurance Regulation with Commerce Dept. Changes

A reorganized Minnesota Department of Commerce includes a new Division of Insurance aimed at unifying and strengthening insurance regulation in that state.

The Minnesota Division of Insurance houses the commerce department’s insurance units, unifying regulatory oversight of all insurance activities. Consolidated under the 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 remain under the authority of the department’s Enforcement Division, which formerly was the Market Assurance Division. It consists of the enforcement, insurance fraud and securities units.

“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,” Commerce Commissioner Mike Rothman said.

The new Insurance Division will be led by the assistant commissioner of insurance, who will report to Rothman. Jaki Gardner, the current assistant commissioner of insurance, will serve in that role until Oct. 14, 2011. The commission plans a nationwide search for the new insurance division leader.