2006 Minnesota Statutes

72A.52 NOTICE REQUIREMENTS.
    Subdivision 1. Contents. 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 boldface 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. Noncompliance; cancellation. 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.
History: 1977 c 178 s 2; 1980 c 354 s 2; 1986 c 444