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HF 4084

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/22/2024 02:56pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to insurance; modifying provisions governing life insurance policies with
respect to suicide; amending Minnesota Statutes 2023 Supplement, section 61A.031.

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

Section 1.

Minnesota Statutes 2023 Supplement, section 61A.031, is amended to read:


61A.031 SUICIDE PROVISIONS.

(a) The deleted text begin sanity or insanitydeleted text end new text begin mental competencynew text end of a person shall not be a factor in
determining whether a person deleted text begin committeddeleted text end new text begin completednew text end suicide within the terms of an individual
or group life insurance policy regulating the payment of benefits in the event of the insured's
suicide. This paragraph shall not be construed to alter present law but is intended to clarify
present law.

(b) A life insurance policy or certificate issued or delivered in this state may exclude or
restrict liability for any death benefit in the event the insured dies as a result of suicide
within one year from the date of the issue of the policy or certificate. Any exclusion or
restriction shall be clearly stated in the policy or certificate. Any life insurance policy or
certificate which contains any exclusion or restriction under this paragraph shall also provide
that in the event any death benefit is denied because the insured dies as a result of suicide
within one year from the date of issue of the policy or certificate, the insurer shall refund
all premiums paid for coverage providing the denied death benefit on the insured.