Minnesota Regulations
Department of Commerce/Insurance Division

On March 13, 2020, Governor Walz declared a peacetime emergency to combat the pandemic coronavirus (COVID-19). Pursuant to Minnesota Statute §45, the Commissioner of Commerce is requiring response to the below set of questions. The purpose of this communication is to elicit information on your company’s actions to-date relative to the COVID-19 situation. In this regard, please respond to the questions below as soon as possible but no later than March 31, 2020. The responses received to the questions are deemed confidential pursuant to Minn. Stat. §60A.03, Subd. 9. Thank you in advance for responding during these challenging times. Please feel free to reach out to Insurance.COVID19@state.mn.us with any questions as well as with your Company’s response. Make sure to identify the name of the Company clearly at the top of the response.

1. How is your organization currently planning for a potential COVID-19 outbreak in MN, from a continuity of operations perspective? Please provide your business continuity plan, if you have one.

2. What communications and/or educational guidance is your organization providing for policyholders related to a COVID-19 insurance claim?

3. How vulnerable is your company to COVID-19 related claims? What is your company’s potential exposure to COVID-19?

4. Are there scenarios in which your organization is at particular risk for high claims costs or other unanticipated losses? How do you plan to handle those risks?

5. What are the financial impacts you anticipate related to the COVID-19 situation, including but not limited to: Risk-Based Capital, investment and liquidity impact, operational risk, or reinsurance coverage or exclusions?

In addition to the above, specific companies may have a Department actuary reach out to discuss details specific to their type of business.