MN| Administrative Bulletin 2026-1 instructs Minnesota homeowners insurers on how to file actuarially justified premium discounts or rate reductions for IBHS FORTIFIED-designated properties under Minn. Stat. § 65A.298, including required SERFF filings, threshold discount levels for the wind/hail portion of premium, and Commerces case-by-case review standards starting March 23, 2026, without disturbing previously approved filings.
?Key Points:
- Insurers must file actuarially justified rates and rating plans via SERFF showing FORTIFIED-based discounts and may not use them until 60 days after filing unless approved sooner.
- Commerce has set wind/hail premium discount thresholds of 35% (Fortified Roof + Hail), 38% (Fortified Silver + Hail), and 40% (Fortified Gold + Hail), triggering less scrutiny if met or exceeded.
- Discounts below thresholds may require detailed actuarial support, total maximum credit caps cannot limit required FORTIFIED discounts on insurable properties, and the bulletin applies only to filings made on or after March 23, 2026.