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59B.04 REQUIRED DISCLOSURES; REIMBURSEMENT INSURANCE POLICY.

Subdivision 1.Right to payment or reimbursement.

Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale in this state shall state that the insurer that issued the reimbursement insurance policy shall either reimburse or pay on behalf of the provider any covered sums the provider is legally obligated to pay or, in the event of the provider's nonperformance, shall provide the service which the provider is legally obligated to perform according to the provider's contractual obligations under the service contracts issued or sold by the provider.

Subd. 2.Right to apply to company.

In the event covered service is not provided by the service contract provider within 60 days of proof of loss by the service contract holder, the contract holder is entitled to apply directly to the reimbursement insurance company.

History:

1Sp2005 c 1 art 5 s 4

Official Publication of the State of Minnesota
Revisor of Statutes