as introduced - 89th Legislature (2015 - 2016) Posted on 02/20/2015 09:18am
A bill for an act
relating to insurance; regulating the sale of group health policies to school
organizations; proposing coding for new law in Minnesota Statutes, chapter 60K.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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For the purposes of this section "school
organization" means a school district, charter school, or teacher cooperative.
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An insurance producer that sells, solicits, or negotiates a
group health insurance policy with a school organization shall disclose, prior to completion
of the sale, all commissions, services fees, brokerage, or other valuable consideration the
insurance producer may receive for all insurance sold to the school organization.
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While the insurance producer sells, solicits, or negotiates
a group health insurance policy with the school organization, the insurance producer shall
act in a fiduciary capacity on behalf of the school organization.
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This section is effective August 1, 2015.
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