New year, new laws start up

The following are select new laws passed during the 2022 session — and one from 2021 — of the Minnesota Legislature that take effect Jan. 1.

Commerce

• Annuity sales law updates best interest standards in annuity sales to help protect consumers, especially older adults. Insurers may not put their financial interests ahead of the consumer. When recommending an annuity, insurance agents should follow revised National Association of Insurance Commissioners standards, satisfying four conduct obligations: care, disclosure, conflict of interest and documentation.

• The due date for franchise renewals has changed. The deadline to renew a business registration will be the anniversary of the initial registration instead of 120 days after the end of the fiscal year.

Health

• A law passed in 2021 made changes to private and public health coverage. Among its provisions, as of Jan. 1, that health plans will be required to cover postnatal visits.

Government

• Fourteen largely non-controversial bills approved by the Legislative Commission on Pensions and Retirement were rolled into the omnibus pension and retirement law. One provision of the law that takes effect Jan. 1 will permit teachers to purchase service credit for periods of service as a teacher in another state.

Transportation

• Buyers seeking older, less expensive, vehicles will have more ways to find out when the vehicle they’re considering has previously been significantly damaged or deemed to be totaled. The law updates the state’s salvage title regulations by creating a “prior salvage” brand. It aims to solve an issue of less expensive vehicles holding a clean Minnesota title, despite incurring damage that costs more than 80 percent of its value or causes an insurance company to declare the vehicle a total loss.

The requirements for a “salvage” brand on high-value or late-model cars – those costing $9,000 or more or are five years old or newer – remain the same.