SF 1934

1st Unofficial Engrossment - 87th Legislature (2011 - 2012)

Posted on 03/26/2012 03:39 p.m.

1.1A bill for an act 1.2relating to insurance; regulating township mutual fire insurance company 1.3combination policies;amending Minnesota Statutes 2010, section 67A.191. 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.5    Section 1. Minnesota Statutes 2010, section 67A.191, is amended to read: 1.667A.191 COMBINATION POLICIES. 1.7    Subdivision 1. Qualified risks. A township mutual fire insurance company may 1.8issue an insurance policy for qualified and secondary property as defined in section 1.967A.14, subdivision 1 , in combination with a policy issued by an insurer authorized to 1.10sell property and casualty insurance in this state. The portions of the combination policy 1.11issued by a township mutual insurance company new text begin , including those that insure dwellings, new text end 1.12 new text begin whether or not owner occupied, new text end are excluded from all provisions of the insurance laws 1.13of this state as provided in section 67A.25, subdivision 2. 1.14    Subd. 2. Homeowner's risks. A township mutual fire insurance company may 1.15 new text begin market and new text end issue policies known as "homeowner's insurance" as defined in section 1.1665A.27, subdivision 4 , only in combination with a policy issued by an insurer authorized 1.17to sell property and casualty insurance in this state. All portions of the combination policy 1.18providing homeowner's insurance, including those issued by a township mutual insurance 1.19company, are subject to the provisions of chapter 65A and sections 72A.20 and 72A.201. 1.20 new text begin EFFECTIVE DATE. new text end new text begin This section is effective the day following final enactment. new text end