relating to insurance; regulating the offer and dissemination of travel insurance;
amending Minnesota Statutes 2010, sections 60K.36, subdivision 2; 60K.38, subdivision 1; proposing coding for new law in Minnesota Statutes, chapter 60K.
(a) Unless denied a license under section 60K.43, a person who has met the requirements of sections 60K.36 and 60K.37 must be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the lines of authority in paragraphs (b) and (c).
(b) An individual insurance producer may receive qualification for a license in one or more of the following major lines:
(1) life insurance: coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income;
(2) accident and health or sickness insurance: coverage for sickness, bodily injury, or accidental death, and may include benefits for disability income;
(3) property insurance: coverage for the direct or consequential loss or damage to property of every kind;
(4) casualty insurance: coverage against legal liability, including that for death, injury, or disability, or damage to real or personal property;
(5) variable life and variable annuity products insurance: coverage provided under variable life insurance contracts and variable annuities; and
(6) personal lines: property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes.
(c) An individual insurance producer may receive qualification for a license in one or more of the following limited lines:
(1) limited line credit insurance;
(2) farm property and liability insurance;
(3) title insurance;
(4) travel baggage insurance; and
(5) bail bonds.
Presented to the governor April 3, 2012
Signed by the governor April 4, 2012, 09:27 a.m.