2001 Minnesota Statutes

     72A.52 Notice requirements. 

    Subdivision 1.  In addition to all other legal requirements 
 a policy or contract of insurance described in section 72A.51 
 shall show the name and address of the insurer and the seller of 
 the policy or contract and shall state, clearly and 
 conspicuously in bold face type of a minimum size of ten points, 
 a notice in the following form or its equivalent:  "RIGHT TO 
 CANCEL.  You may cancel this policy by delivering or mailing a 
 written notice or sending a telegram to (insert name and mailing 
 address of the insurer or the seller of the policy or contract) 
 and by returning the policy or contract before midnight of the 
 tenth day after the date you receive the policy.  Notice given 
 by mail and return of the policy or contract by mail are 
 effective on being postmarked, properly addressed and postage 
 prepaid.  The insurer must return all payments made for this 
 policy within ten days after it receives notice of cancellation 
 and the returned policy."  For variable annuity contracts issued 
 pursuant to sections 61A.13 to 61A.21, this notice shall be 
 suitably modified so as to notify the purchaser that the 
 purchaser is entitled to a refund of the amount calculated in 
 accordance with the provisions of section 72A.51, subdivision 3. 

    Subd. 2.  If a policy or contract of insurance covered by 
 this section is sold without compliance with subdivision 1, the 
 policy or contract may be canceled by the purchaser at any time 
 within one year after the date of purchase by returning the 
 policy or contract and by giving written notice of cancellation 
 to the insurer or its agent.  If a purchaser cancels a policy or 
 contract under this subdivision, the insurer must return the 
 entire consideration paid for the policy or contract within ten 
 days after receiving notice of cancellation and the returned 
 policy or contract, except that if the contract is a variable 
 annuity contract issued pursuant to sections 61A.13 to 61A.21, 
 the insurer shall refund to the purchaser an amount calculated 
 in accordance with the provisions of section 72A.51, subdivision 
 3.  

    HIST: 1977 c 178 s 2; 1980 c 354 s 2; 1986 c 444