SF 5196

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/26/2024 08:48am

A bill for an act
relating to life insurance; requiring life insurance companies and policies to provide
certain notices; proposing coding for new law in Minnesota Statutes, chapter 61A.

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

Section 1.

new text begin [61A.012] ANNUAL NOTICE REQUIRED.
new text end

new text begin Subdivision 1. new text end

new text begin Annual notice required. new text end

new text begin For each policy or certificate of life insurance
for individual life insurance issued or delivered in Minnesota, a life insurance company
must provide a written notice to the policyholder that contains the following information,
as applicable:
new text end

new text begin (1) the policyholder;
new text end

new text begin (2) the policy;
new text end

new text begin (3) the insured life; and
new text end

new text begin (4) the current contact information for the life insurance company.
new text end

new text begin Subd. 2. new text end

new text begin Notice requirements. new text end

new text begin The notice required under this section must be provided
by the life insurance company to the policyholder at least once per calendar year, at the
policyholder's last known address.
new text end

new text begin Subd. 3. new text end

new text begin Compliance with other law. new text end

new text begin This section's annual notice requirement is satisfied
by an annual report provided by a life insurance company to a policyholder pursuant to and
in compliance with section 61A.735.
new text end