Minnesota commissioner of commerce eases some filing and appraisal requirements

State Issues Covid-19 Minnesota Insurance Real Estate

On May 1, Minnesota’s commissioner of commerce issued an order modifying certain regulatory deadlines as set forth in Regulatory Guidance 20-25 and 20-26 during the Covid-19 pandemic. Guidance 20-25 extends the deadline for certain insurers to file annual reports due on or before May 1, 2020 until June 1, 2020. Guidance 20-26 allows banks that acquire “other real estate” as defined by Minn. Stat. § 48.21 to defer the requirement to obtain an appraisal for up to 120 days.