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SF 1725

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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A bill for an act
 relating to insurance; changing the method of
calculating certain refunds in premium finance
transactions; amending Minnesota Statutes 2004,
section 59A.12, subdivision 2.

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

Section 1.

Minnesota Statutes 2004, section 59A.12,
subdivision 2, is amended to read:


Subd. 2.

Premium audit; determination of final premium
amount.

In the event that a premium is subject to an audit to
determine the final premium amount, the gross unearned premium
will be calculated new text begin based new text end upon the deleted text begin deposit deleted text end new text begin audited new text end premium and
the insurer shall return whatever gross unearned premiums are
due deleted text begin based upon the deposit rather than the actual unearned
premium deleted text end new text begin under the contract new text end to the finance company for the
account of the insured or insureds new text begin within 60 days after receipt
of the notice of cancellationnew text end .

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin This section is effective August 1, 2005, and applies to
premium finance contracts entered into on or after that date.
 new text end