HF 379

as introduced - 89th Legislature (2015 - 2016) Posted on 01/26/2015 01:55pm

A bill for an act
relating to insurance; regulating homeowner's insurance; requiring a renewal
declarations page; proposing coding for new law in Minnesota Statutes, chapter
65A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [65A.291] HOMEOWNER'S INSURANCE; RENEWAL
DECLARATIONS PAGES.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the terms defined
in this section have the meanings given.
new text end

new text begin (b) "Homeowner's insurance" has the meaning given in section 65A.27, subdivision 4.
new text end

new text begin (c) "Insurer" has the meaning given in section 65A.27, subdivision 5.
new text end

new text begin (d) "Rating variable" means a factor that affects the rating factors considered by
the insurer in preparing a renewal including, but not limited to, tiering charges, loss of
discounts, credit score changes, and other rating factors consistently applied by the insurer.
new text end

new text begin (e) "Renewal declarations pages" means one or more pages of a renewal, as defined
in section 65A.27, subdivision 8, in which the insurer specifies in dollars the amount the
insured saved in connection with the renewal premium by not having or submitting a
claim incurred during the immediately preceding policy period.
new text end

new text begin Subd. 2. new text end

new text begin Renewal declarations pages required. new text end

new text begin (a) When an insurer offers renewal
of a homeowner's insurance policy, the insurer must provide the owner or owners of
the property with renewal declarations pages based upon rating variables as defined in
subdivision 1, paragraph (d).
new text end

new text begin (b) If the homeowner did have one or more paid claims during the preceding policy
period, and the insurer is willing to offer a renewal in spite of the claims, the renewal
declarations pages must subtract any paid claims from the amount the insured would
have otherwise saved.
new text end

new text begin Subd. 3. new text end

new text begin Other laws; compliance. new text end

new text begin Policies issued under this section must comply
with the requirements of section 60A.08, subdivision 15, and section 60A.139.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for homeowner's insurance coverage
issued or renewed on or after January 1, 2016.
new text end