Minnesota Session Laws - 2009, Regular Session

CHAPTER 52--S.F.No. 166

An act

relating to insurance; regulating life insurance; prohibiting stranger-originated life insurance;

proposing coding for new law in Minnesota Statutes, chapter 60A; repealing Minnesota Statutes 2008, sections 61A.073; 61A.074.

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

Section 1.

new text begin [60A.078] SHORT TITLE. new text end

new text begin Sections 60A.078 to 60A.0789 may be cited as the "Insurable Interest Act." new text end

Sec. 2.

new text begin [60A.0782] DEFINITIONS. new text end

new text begin Subdivision 1. new text end

new text begin Terms. new text end

new text begin For the purpose of this act, unless the context clearly indicates otherwise, the terms in this section have the meanings given them. new text end

new text begin Subd. 2. new text end

new text begin Act. new text end

new text begin "Act" means sections 60A.078 to 60A.0789. new text end

new text begin Subd. 3. new text end

new text begin Business entity. new text end

new text begin "Business entity" includes, but is not limited to, a joint venture, partnership, corporation, limited liability company, and business trust. new text end

new text begin Subd. 4. new text end

new text begin Commissioner. new text end

new text begin "Commissioner" means the commissioner of commerce. new text end

new text begin Subd. 5. new text end

new text begin Legitimate settlement contracts. new text end

new text begin "Legitimate settlement contracts" mean settlement contracts that comply with Minnesota law governing viatical settlement contracts and that are not prohibited by section 60A.0785 or otherwise part of or in furtherance of an act, practice, or arrangement that is prohibited by this act. new text end

new text begin Subd. 6. new text end

new text begin Life expectancy evaluation. new text end

new text begin "Life expectancy evaluation" means an evaluation conducted by any person other than the insurer or its authorized representatives for the purpose of projecting or estimating how long a particular individual is expected to live. new text end

new text begin Subd. 7. new text end

new text begin Person. new text end

new text begin "Person" means any natural person or legal entity, including, but not limited to, a partnership, limited liability company, association, trust, or corporation. new text end

new text begin Subd. 8. new text end

new text begin Policy. new text end

new text begin "Policy" means an individual or group policy, group certificate, contract, or arrangement of life insurance affecting the rights of a resident of this state or bearing a reasonable relation to this state, regardless of whether delivered or issued for delivery in this state. new text end

new text begin Subd. 9. new text end

new text begin Policyowner. new text end

new text begin "Policyowner" means the owner of a policy. new text end

new text begin Subd. 10. new text end

new text begin Prospective purchaser. new text end

new text begin "Prospective purchaser" means any person that may purchase or acquire the policy or a beneficial interest in the policy, but excluding individuals closely related to the insured by blood or law or who have a lawful and substantial interest in the continued life of the insured, or trusts established for the benefit of those individuals, provided those trusts meet the requirements of section 60A.0783, subdivision 2, paragraph (d). new text end

new text begin Subd. 11. new text end

new text begin Settlement contract. new text end

new text begin (a) "Settlement contract" means an agreement between a policyowner and another person establishing the terms under which compensation or anything of value will be paid or which compensation or value is less than the expected death benefit of the insurance policy, in return for the owner's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of any portion of the policy. Settlement contract also includes: new text end

new text begin (1) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns such a policy if the trust or other entity was formed or availed of for the principal purpose of acquiring one or more policies, which policy insures the life of an individual who is a resident of this state; and new text end

new text begin (2) a premium finance loan made for a policy by a lender to a policyowner on, before, or after the date of issuance of the policy where: new text end

new text begin (i) the policyowner or the insured receives a guarantee of a future settlement value of the policy; or new text end

new text begin (ii) the policyowner or the insured agrees to sell the policy or any portion of its death benefit on any date following the issuance of the policy. new text end

new text begin (b) Settlement contract does not include: new text end

new text begin (1) a policy loan or accelerated death benefit made by the insurer under the policy's terms; new text end

new text begin (2) loan proceeds that are used solely to pay premiums for the policy and loan-related costs, including, without limitation, interest, arrangement fees, utilization fees and similar fees, closing costs, legal fees and expenses, trustee fees and expenses, and third-party collateral provider fees and expenses, including fees payable to letter of credit issuers; new text end

new text begin (3) a loan made by a bank or other licensed financial institution in which the lender takes an interest in a policy solely to secure repayment of a loan or, if there is a default on the loan and the policy is transferred, the transfer of such a policy by the lender, as long as the default itself is not pursuant to an agreement or understanding with any other person for the purpose of evading regulation under this act; new text end

new text begin (4) an agreement in which all the parties are closely related to the insured by blood or law or have a lawful substantial economic interest in the continued life, health, and bodily safety of the person insured or are trusts established for the benefit of such parties; new text end

new text begin (5) any designation, consent, or agreement by an insured who is an employee or an employer in connection with the purchase by the employer, or by a trust established by the employer, of life insurance on the life of the employee; new text end

new text begin (6) a bona fide business succession planning arrangement: new text end

new text begin (i) between shareholders in a corporation or between a corporation and one or more of its shareholders or one or more trusts established by its shareholders; new text end

new text begin (ii) between partners in a partnership or between a partnership and one or more of its partners or one or more trusts established by its partner; or new text end

new text begin (iii) between members in a limited liability company or between a limited liability company and one or more of its members or one or more trusts established by its members; or new text end

new text begin (7) an agreement entered into by a service recipient, or a trust established by the service recipient, and a service provider, or a trust established by the service provider, who performs significant services for the service recipient's trade or business. new text end

new text begin Subd. 12. new text end

new text begin Stranger-originated life insurance practices. new text end

new text begin "Stranger-originated life insurance practices" or "STOLI practices" mean an act, practice, or arrangement to initiate a life insurance policy for the benefit of a third-party investor who, at the time of policy origination, has no insurable interest in the insured. STOLI practices include, but are not limited to, cases in which life insurance is purchased with resources or guarantees from or through a person or entity, who, at the time of policy inception, could not lawfully initiate the policy themselves, and where, at the time of inception, there is an arrangement or agreement, whether spoken or written, to directly or indirectly transfer the ownership of the policy and/or the policy benefits to a third party. Trusts that are created to give the appearance of insurable interest and are used to initiate policies for investors violate the insurable interest requirements and the prohibition against STOLI practices. new text end

Sec. 3.

new text begin [60A.0783] INSURABLE INTEREST REQUIRED. new text end

new text begin Subdivision 1. new text end

new text begin Insurance on life of another. new text end

new text begin A person may not procure or cause to be procured or effected a policy upon the life of another individual unless the benefits under the policy are payable to the insured, the personal representatives of the insured's estate, or to a person having, at the time the policy is issued, an insurable interest in the individual insured. new text end

new text begin Subd. 2. new text end

new text begin What constitutes an insurable interest. new text end

new text begin Insurable interest, with reference to insurance on the life of another, includes only the following interests. new text end

new text begin (a) An individual has an insurable interest in the life of another person to whom the individual is closely related by blood or by law and in whom the individual has a substantial interest engendered by love and affection. new text end

new text begin (b) An individual has an insurable interest in the life of another person if such individual has a lawful and substantial interest in the continued life of the individual insured, as distinguished from an interest that would arise only by or would be enhanced in value by the death of the individual insured. new text end

new text begin (c) An individual party to a contract for the purchase or sale of an interest in any business entity and, if applicable, a trust or the trustee of a trust of which the individual is a settlor, has an insurable interest in the life of each other individual party to the contract, but only for the purpose of carrying out the intent and purpose of the contract. new text end

new text begin (d) A trust, or the trustee of a trust, has an insurable interest in the life of an individual insured under a life insurance policy owned by the trust, or the trustee of the trust acting in a fiduciary capacity, if the insured is the settlor of the trust; an individual closely related by blood or law to the settlor; or an individual in whom the settlor otherwise has an insurable interest if, in each of the situations described in this paragraph, the life insurance proceeds are primarily for the benefit of trust beneficiaries having an insurable interest in the life of the insured and the trust is not used, directly or indirectly, as part of or in furtherance of an act, practice, or arrangement that is otherwise prohibited by this act. new text end

new text begin (e) A guardian, trustee, or other fiduciary, acting in a fiduciary capacity, has an insurable interest in the life of any person for whose benefit the fiduciary holds property, and in the life of any other individual in whose life the person has an insurable interest so long as the life insurance proceeds are used primarily for the benefit of persons having an insurable interest in the life of the insured and the guardianship or fiduciary relationship is not used, directly or indirectly, as part of or in furtherance of an act, practice, or arrangement that is otherwise prohibited by this act. new text end

new text begin (f) An organization in section 170(c) of the United States Internal Revenue Code of 1986, as amended through December 31, 2008, has an insurable interest in the life of any person who consents in writing to the organization's ownership or purchase of that insurance. new text end

new text begin (g) A trustee, sponsor, or custodian of assets held in any plan governed by the Employee Retirement Income Security Act of 1974, United States Code, title 29, section 1001, et seq., or in any other retirement or employee benefit plan, has an insurable interest in the life of any participant in the plan provided consent is obtained in writing from the participant before the insurance is purchased. An employer, trustee, sponsor, or custodian may not retaliate or take adverse action against any participant who does not consent to the issuance of insurance on the participant's life. new text end

new text begin (h) A business entity has an insurable interest in the life of any of the owners, directors, officers, partners, and managers of the business entity or any affiliate or subsidiary of the business entity, or key employees or key persons of the business entity or affiliate or subsidiary, provided consent is obtained in writing from key employees or persons before the insurance is purchased. The business entity or affiliate or subsidiary may not retaliate or take adverse action against any key employee or person who does not consent to the issuance of insurance on the key employee or key person's life. For purposes of this subdivision, a "key employee" or "key person" means an individual whose position or compensation is described in section 101(j)(2)(A)(ii) of the Internal Revenue Code of 1986, as amended through December 31, 2008. new text end

new text begin (i) A financial institution or other person to whom a debt is owed, whether for the purposes of premium financing or otherwise, has an insurable interest in the life of the borrower limited to the amount of debt owed plus reasonable interest and service charges. new text end

new text begin Subd. 3. new text end

new text begin Insured's own life. new text end

new text begin An individual has an insurable interest in the individual's own life and an individual of competent legal capacity that procures or effects a policy on the individual's own life may designate any person as the beneficiary, provided the policy is not part of or in furtherance of an act, practice, or arrangement that is otherwise prohibited by this act. new text end

new text begin Subd. 4. new text end

new text begin Reliance on statements. new text end

new text begin An insurer is entitled to rely upon all reasonable statements, declarations, and representations made by an applicant for life insurance relative to the existence of an insurable interest; and no insurer shall incur legal liability, except as set forth in the policy, by virtue of untrue statements, declarations, or representations so relied upon in good faith by the insurer. new text end

new text begin Subd. 5. new text end

new text begin Consent of insured. new text end

new text begin A policy upon the life of an individual, other than a policy of noncontributory group life insurance, may not be effectuated unless, on or before the time the policy is effectuated, the individual insured, having legal capacity to contract, applies for or consents in writing to the policy and its terms. Consent may be given by another in the following cases: new text end

new text begin (1) a parent or a person having legal custody of a minor may consent to the issuance of a policy on a dependent child; new text end

new text begin (2) a court-appointed guardian of a person may consent to the issuance of a policy on the person under guardianship; new text end

new text begin (3) a court-appointed conservator of a person's estate may consent to the issuance of a policy on the person whose estate is under conservatorship; new text end

new text begin (4) an attorney-in-fact may consent to the issuance of a policy on the person that appointed the attorney-in-fact for the limited purpose of replacing one or more policies with one or more new policies, provided the aggregate amount of life insurance on the person as the result of the replacement remains the same or decreases; new text end

new text begin (5) a trustee of a revocable trust may consent to the issuance of a policy on the life of a settlor of the trust; and new text end

new text begin (6) a court of general jurisdiction may give consent to the issuance of a policy upon a showing of facts the court considers sufficient to justify the issuance of the policy. new text end

Sec. 4.

new text begin [60A.0784] PROHIBITED PRACTICES. new text end

new text begin It is unlawful for any person to: new text end

new text begin (1) procure or cause to be procured or effected a policy in violation of section 60A.0783; new text end

new text begin (2) engage in STOLI practices or otherwise wager on life; new text end

new text begin (3) solicit, market, or otherwise promote the purchase of a policy for the purpose of or with an emphasis on the subsequent sale of the policy in the secondary market; new text end

new text begin (4) enter into a premium finance agreement with any person or agency, or any person affiliated with such person or agency, pursuant to which the lender or any person affiliated with the lender shall receive any proceeds, fees, or other consideration, directly or indirectly, from the policy or policyowner or any other person with respect to the premium finance agreement or any settlement contract or other transaction related to such policy that are in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums pursuant to the premium finance agreement or subsequent sale of such agreement; provided, further, that any payments, charges, fees, or other amounts in addition to the amounts required to pay the principal, interest, and service charges related to policy premiums paid under the premium finance agreement shall be remitted to the insured or to the insured's estate if the insured is not living at the time of the determination of the overpayment; or new text end

new text begin (5) enter into or to offer to enter into a settlement contract prior to the issuance of a policy that is the subject of the settlement contract or proposed settlement contract. new text end

Sec. 5.

new text begin [60A.0785] PROHIBITION; ENTRY INTO SETTLEMENT CONTRACTS. new text end

new text begin Subdivision 1. new text end

new text begin Prohibition. new text end

new text begin No prospective purchaser of the policy or beneficial interest in the policy shall, at any time prior to issuance of a policy, or during a four-year period commencing with the date of issuance of the policy, enter into a settlement contract or any other agreement the effect of which is to acquire the policy or a beneficial interest in the policy regardless of the date the compensation is to be provided and regardless of the date the assignment, transfer, sale, devise, bequest, or surrender of the policy or beneficial interest in the policy is to occur, unless and until the prospective purchaser has determined, based on reasonable inquiry, which includes but is not limited to questioning the insured and reviewing the broker's files, that none of the following circumstances are present: new text end

new text begin (1) there was an agreement or understanding, before issuance of the policy, between the insured, policyowner, or owner of a beneficial interest in the policy, and another person to guarantee any liability or to purchase, or stand ready to purchase, the policy or an interest therein, including through an assumption or forgiveness of a loan; or new text end

new text begin (2) both of the following are present: new text end

new text begin (i) all or a portion of the policy premiums were funded by means other than by the insured's personal assets or assets provided by a person who is closely related to the insured by blood or law or who has a lawful and substantial economic interest in the continued life of the insured. For purposes of this provision, funds from a premium finance loan are considered assets of the insured or such person only if the insured or such person is contractually obligated to repay the full amount of the loan and to pledge personal assets, other than the policy itself, for loan amounts exceeding the policy's cash value; and new text end

new text begin (ii) the insured underwent a life expectancy evaluation within the 18-month time period immediately prior to the issuance of the policy and, during the same time period, the results of the life expectancy evaluation were shared with or used by any person for the purpose of determining the actual or potential value of the policy in the secondary market. Nothing in this paragraph shall prevent such a life expectancy evaluation from being shared with or used by the insured or the insured's accountant, attorney, or insurance producer for estate planning purposes so long as the life expectancy evaluation is not used by such persons to determine the actual or potential value of the policy in the secondary market. new text end

new text begin Subd. 2. new text end

new text begin Certification. new text end

new text begin As part of the prospective purchaser's responsibility to make reasonable inquiry, the prospective purchaser shall request, and the settlement broker shall provide, a certification in which the broker certifies that, to the best of the broker's knowledge, any life expectancy evaluation performed on the insured prior to the issuance of the policy was not used by or shared with any other person prior to the issuance of the policy for the purpose of determining the actual or potential value of the policy in the secondary market. new text end

new text begin Subd. 3. new text end

new text begin Legitimate insurance transactions. new text end

new text begin Nothing in this act prevents: new text end

new text begin (1) any policyowner, whether or not the policyowner is also the subject of the insurance, from entering into a legitimate settlement contract; new text end

new text begin (2) any person from soliciting a person to enter into a legitimate settlement contract; new text end

new text begin (3) a person from enforcing the payment of proceeds from the interest obtained under a legitimate settlement contract; or new text end

new text begin (4) the assignment, sale, transfer, devise, or bequest with respect to the death benefit or ownership of any portion of a policy, provided the assignment, sale, transfer, devise, or bequest is connected to a legitimate settlement contract and not part of or in furtherance of STOLI practices. new text end

Sec. 6.

new text begin [60A.0786] PRESUMPTION OF STOLI PRACTICES. new text end

new text begin Subdivision 1. new text end

new text begin Presumption of STOLI practices. new text end

new text begin A settlement contract, or any agreement the effect of which is to sell or acquire the policy or a beneficial interest in the policy, entered into within the four-year period commencing with the date the policy is issued creates a rebuttable presumption of STOLI practices if either of the following circumstances are present: new text end

new text begin (1) there was an agreement or understanding, before issuance of the policy, between the insured, policyowner, or owner of a beneficial interest in the policy, and another person to guarantee any liability or to purchase, or stand ready to purchase, the policy or an interest in the policy, including through an assumption or forgiveness of a loan; or new text end

new text begin (2) both of the following are present: new text end

new text begin (i) all or a portion of the policy premiums were funded by means other than by the insured's personal assets or assets provided by a person who is closely related to the insured by blood or law or who has a lawful and substantial economic interest in the continued life of the insured. For purposes of this provision, funds from a premium finance loan are considered assets of the insured or that person only if the insured or that person is contractually obligated to repay the full amount of the loan and to pledge personal assets, other than the policy itself, for loan amounts exceeding the policy's cash value; and new text end

new text begin (ii) the insured underwent a life expectancy evaluation within the 18-month time period immediately prior to the issuance of the policy and, during the same time period, the results of the life expectancy evaluation were shared with or used by any person for the purpose of determining the actual or potential value of the policy in the secondary market. new text end

new text begin Subd. 2. new text end

new text begin Not applicable in criminal proceedings. new text end

new text begin The rebuttable presumption created in this section does not apply in any criminal proceeding. new text end

Sec. 7.

new text begin [60A.0787] PROCESSING CHANGE OF OWNERSHIP OR BENEFICIARY REQUESTS. new text end

new text begin Subdivision 1. new text end

new text begin Obligation to process change of ownership or beneficiary requests. new text end

new text begin Upon receipt of a properly completed request for change of ownership or beneficiary of a policy and, if applicable, the completed questionnaire described in this section, the insurer shall respond in writing within 30 calendar days with written acknowledgment confirming that the change has been effected or specifying the reasons why the requested change cannot be processed. The insurer shall not unreasonably delay effecting change of ownership or beneficiary and shall not otherwise interfere with any permitted settlement contract entered into in this state. new text end

new text begin Subd. 2. new text end

new text begin Written questionnaire. new text end

new text begin If the insurer receives a request for change of ownership or beneficiary within the four-year period commencing with the date the policy is issued, the insurer may require, as a condition of effecting the requested change, that the policyowner complete and return a written questionnaire designed to determine whether the change request relates to or is made in accordance with a settlement contract and if so, whether the circumstances described in section 60A.0785 are present. The questionnaire shall be in a form approved by the commissioner and shall include, but not be limited to, the following: new text end

new text begin (1) the definition of settlement contract; new text end

new text begin (2) an inquiry regarding whether the request for change of ownership or beneficiary relates to or is made in accordance with a settlement contract; new text end

new text begin (3) if the answer to clause (2) is "yes," then an inquiry regarding whether the circumstances described in section 60A.0785 are present; new text end

new text begin (4) a disclosure that presenting false material information, or concealing material information, in connection with the questionnaire is defined under the laws of this state as a fraudulent act; and new text end

new text begin (5) a signed certification by the policyowner that the answers and information provided in and pursuant to the questionnaire are true and complete to the best of the policyowner's knowledge and belief. new text end

new text begin Subd. 3. new text end

new text begin Other inquiries. new text end

new text begin Nothing in this section should be interpreted to limit an insurer's ability to make other inquiries to detect STOLI practices. new text end

new text begin Subd. 4. new text end

new text begin Fraternal benefit societies. new text end

new text begin Nothing in this act shall prohibit a fraternal benefit society regulated under chapter 64B from enforcing the terms of its bylaws or rules regarding permitted beneficiaries and owners. new text end

Sec. 8.

new text begin [60A.0788] FRAUDULENT ACTS. new text end

new text begin Subdivision 1. new text end

new text begin Fraudulent acts. new text end

new text begin A person who commits a fraudulent act as defined in this section commits insurance fraud and may be sentenced under section 609.611, subdivision 3. new text end

new text begin Subd. 2. new text end

new text begin List of fraudulent acts. new text end

new text begin All of the following acts are fraudulent when committed by a person who, with intent to defraud and for the purpose of depriving another of property or for pecuniary gain, commits, or permits any of its employees or its agents to commit them: new text end

new text begin (1) failing to disclose to the insurer where the insurer has requested such disclosure that the prospective insured has undergone a life expectancy evaluation; new text end

new text begin (2) misrepresenting a person's state of residence or facilitating the change of the state in which a person resides for the express purpose of evading or avoiding the provisions of this act; new text end

new text begin (3) presenting, causing to be presented, or preparing with knowledge or belief that it will be presented to an insurer any false material information, or concealing any material information, as part of, in support of, or concerning a fact material to one or more of the following: new text end

new text begin (i) a questionnaire as provided for under section 60A.0787; or new text end

new text begin (ii) any other documents or communications, whether written or verbal, which are intended to detect STOLI practices or demonstrate compliance with this act; new text end

new text begin (4) encouraging the insured, policyowner, or owner of a beneficial interest in the policy to falsely state that the circumstances described in section 60A.0785 are not present or aiding in the preparation or execution of documents designed to create the false impression that those circumstances are not present; and new text end

new text begin (5) failing to request or to provide the broker certification required by section 60A.0785, subdivision 2, or falsely certifying that the life expectancy evaluation in section 60A.0785, subdivision 2, was not shared with any other person prior to the issuance of the policy for the purpose of determining the actual or potential value of the policy in the secondary market. new text end

Sec. 9.

new text begin [60A.0789] REMEDIES. new text end

new text begin Subdivision 1. new text end

new text begin Actions to recover death benefits. new text end

new text begin (a) If the beneficiary, assignee, or other payee receives the death benefits under a life insurance policy initiated by STOLI practices or a policy procured or effected in violation of section 60A.0783 or section 60A.0785, the personal representative of the insured's estate or other lawfully acting agent may maintain an action to recover such benefits from the person receiving them. new text end

new text begin (b) Where a person receives the death benefit as a result of a nonwillful violation of this act, the court may limit the recovery to unjust enrichment, calculated as the benefits received plus interest from the date of receipt, less premiums paid under the policy by the recipient and any consideration paid by the recipient to the insured in connection with the policy. new text end

new text begin (c) Where a person receives the death benefits as the result of a willful violation of this act, the court may, in addition to actual damages, order the defendant or defendants to pay exemplary damages in an amount up to two times the death benefits. A pattern of violations of this act and conduct involving one or more fraudulent acts are evidence of willfulness. The exemplary damages shall be paid to one or more governmental agencies charged with combating consumer fraud, including the Department of Commerce. new text end

new text begin (d) The court may award reasonable attorney fees, together with costs and disbursements, to any party that recovers damages in any action brought under this subdivision. new text end

new text begin (e) An action under this subdivision must be brought within two years after the death of the insured. new text end

new text begin Subd. 2. new text end

new text begin Enforceability of contracts. new text end

new text begin Any contract, agreement, arrangement, or transaction prohibited under this act is voidable. new text end

new text begin Subd. 3. new text end

new text begin Declaratory judgment action. new text end

new text begin If, prior to payment of death benefits, the insurer believes the policy was initiated by STOLI practices, the insurer may bring a declaratory judgment action seeking a court order declaring the policy void. new text end

new text begin Subd. 4. new text end

new text begin Effect on other law. new text end

new text begin This act shall not: new text end

new text begin (1) preempt or limit other civil remedies, including, but not limited to, declaratory judgments, injunctive relief, and interpleaders; new text end

new text begin (2) preempt the authority or relieve the duty of other law enforcement or regulatory agencies to investigate, examine, and prosecute suspected violations of law; new text end

new text begin (3) limit the powers granted elsewhere by the laws of this state to the commissioner or an insurance fraud unit or the attorney general to investigate and examine possible violations of law and to take appropriate actions against wrongdoers; or new text end

new text begin (4) limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state. new text end

Sec. 10.

new text begin REPEALER. new text end

new text begin Minnesota Statutes 2008, sections 61A.073; and 61A.074, new text end new text begin are repealed. new text end

Sec. 11.

new text begin EFFECTIVE DATE. new text end

new text begin This act is effective for policies issued on or after the day following final enactment. new text end

Presented to the governor May 6, 2009

Signed by the governor May 9, 2009, 4:06 p.m.