language to be deleted (2) new language
relating to real property; requiring competency criteria for construction code inspectors; regulating causes of action arising out of construction defects in residential housing; providing for notice and opportunity to repair;
amending Minnesota Statutes 2004, sections 60A.08, subdivision 6; 302A.781, by adding a subdivision; 322B.863, by adding a subdivision; 327A.02, by adding subdivisions; proposing coding for new law in Minnesota Statutes, chapter 16B.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Every bond or policy of insurance issued in this state insuring against either actual loss suffered by the insured, and imposed by law for damages on account of personal injury, death, or injury to property caused by accident, or legal liability imposed upon the insured by reason of such injuries or death, shall, notwithstanding anything in the policy to the contrary, be deemed to contain the following condition:
The bankruptcy or insolvency of the insured shall not relieve the insurer of any of its obligations under this policy, and in case an execution against the insured on a final judgment is returned unsatisfied, then such judgment creditor shall have a right of action on this policy against the company to the same extent that the insured would have, had the insured paid the final judgment.
Presented to the governor May 15, 2006
Signed by the governor May 16, 2006, 4:45 p.m.