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SF 314

2nd Engrossment - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 2nd Engrossment

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A bill for an act
relating to insurance; the Minnesota FAIR plan;
regulating property and liability coverage; amending
Minnesota Statutes 2004, section 65A.08, subdivision 2.


Section 1.

Minnesota Statutes 2004, section 65A.08,
subdivision 2, is amended to read:

Subd. 2.

Amount collectible.

new text begin(a) new text endIn the absence of any
change increasing the risk, without the consent of the insurer,
of which the burden of proof shall be upon it, and in the
absence of intentional fraud on the part of the insured, the
insurer shall pay the whole amount mentioned in the policy or
renewal upon which it receives a premium, in case of total loss,
and in case of partial loss, the full amount thereof.

new text begin (b) Notwithstanding paragraph (a), on a policy issued by
the Minnesota FAIR plan under section 65A.36, the Minnesota FAIR
plan may contest the whole amount set forth in the policy in the
case of a total loss. If the Minnesota FAIR plan takes the
position that the value of the property was less than the whole
amount set forth in the policy, the Minnesota FAIR plan has the
burden of proving by clear and convincing evidence that the
value was less than that set forth in the policy.
new text end

Sec. 2. new text beginEFFECTIVE DATE; APPLICATION.
new text end

new text begin Section 1 is effective the day following final enactment
and applies to policies issued or renewed on or after that date.
new text end