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60K.18 Altering existing policies; written binders required.

An insurance agent having express authority to bind coverage, who orally agrees on behalf of an insurer to provide insurance coverage, or to alter an existing insurance agreement, shall execute and deliver a written memorandum or binder containing the terms of the oral agreement to the insured within three business days from the time the oral agreement is entered.

HIST: 1992 c 564 art 3 s 20

* NOTE: This section is repealed by Laws 2001, chapter 117, article *1, section 28, effective July 1, 2002. Laws 2001, chapter 117, article *1, section 29.

Official Publication of the State of Minnesota
Revisor of Statutes