Section 1 - Compulsory Insurance, subdivision 1 requires an owner of a motor vehicle to insure against loss resulting from liability for injury and property damage sustained by a person arising out of the use of the vehicle, under provisions approved by the Commissioner of Commerce.
Subdivision 2 allows the insurance required by subdivision 1 to be provided by a policy issued by an insurer authorized to transact business in this state, a state where the vehicle is registered, or by qualifying as a self-insurer.
Subdivision 3 specifies how to effect self-insurance.
Subdivision 4 gives the Commissioner of Commerce rulemaking authority for the self-insurance provisions of the bill.
Subdivision 5 requires the state of Minnesota or any political subdivision of the state, to provide insurance through purchase of an insurance policy or as a self-insurer.
Subdivision 6 requires an owner of a motorcycle to provide and maintain insurance for the payment of tort liabilities arising out of its use.
Section 2 requires an insurer to apply a premium reduction of at least twenty percent on policies issued or renewed after January 1, 2012.
Section 3 requires the Revisor to place a bill before the legislature no later than January 1, 2012, making conforming changes to this act.
Section 4 repeals the Minnesota no-fault law.
Section 5 provides for a January 1, 2012, effective date.
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