HF 2342

1st Engrossment - 87th Legislature (2011 - 2012) Posted on 03/27/2012 12:48pm

A bill for an act
relating to insurance; regulating township mutual fire insurance company
combination policies; amending Minnesota Statutes 2010, section 67A.191.

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

Section 1.

Minnesota Statutes 2010, section 67A.191, is amended to read:

67A.191 COMBINATION POLICIES.

Subdivision 1.

Qualified risks.

A township mutual fire insurance company may
issue an insurance policy for qualified and secondary property as defined in section
67A.14, subdivision 1, in combination with a policy issued by an insurer authorized to
sell property and casualty insurance in this state. The portions of the combination policy
issued by a township mutual insurance company new text begin , including those that insure dwellings,
whether or not owner occupied, new text end are excluded from all provisions of the insurance laws
of this state as provided in section 67A.25, subdivision 2.

Subd. 2.

Homeowner's risks.

A township mutual fire insurance company may
new text begin market and new text end issue policies known as "homeowner's insurance" as defined in section
65A.27, subdivision 4, only in combination with a policy issued by an insurer authorized
to sell property and casualty insurance in this state. All portions of the combination
policy providing homeowner's insurance, including those issued by a township mutual
insurance company, are subject to the provisions of chapter 65A and sections 72A.20 and
72A.201 new text begin , however, the portions of all combination policies issued by township mutual
insurance companies insuring qualified and secondary property, including those that insure
dwellings, whether or not owner occupied, under the authority of subdivision 1 are exempt
from the requirements of this subdivision new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end