SF 3315

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to insurance; making certain changes 
  1.3             involving the joint underwriting association's 
  1.4             procedures; amending Minnesota Statutes 2000, section 
  1.5             62F.04, by adding a subdivision; repealing Minnesota 
  1.6             Statutes 2000, section 62F.04, subdivision 1a. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 62F.04, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 3.  [AVOIDANCE OF GRAVE RISK.] Because the activities 
  1.11  of certain persons or entities present a risk that is so great, 
  1.12  the association shall not offer insurance coverage to any person 
  1.13  or entity the board of directors of the association determines 
  1.14  is outside the intended scope and purpose of the association 
  1.15  because of the gravity of the risk of offering insurance 
  1.16  coverage. 
  1.17     Sec. 2.  [REPEALER.] 
  1.18     Minnesota Statutes 2000, section 62F.04, subdivision 1a, is 
  1.19  repealed. 
  1.20     Sec. 3.  [EFFECTIVE DATE.] 
  1.21     Sections 1 and 2 are effective the day following final 
  1.22  enactment.