Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
61A.42 PAYMENTS; LIENS; ASSESSMENTS; POLICIES TO BE LABELED.
No cooperative or assessment life insurance company shall hereafter issue any policy in this
state which does not provide for the payment of a fixed minimum sum, which may be increased
each year the insurance remains in force, in the amounts to be provided in the policy. Any
agreement or bylaw providing for the placing of a lien upon such policy, except for nonpayment
of premium or assessment, and any agreement or bylaw providing for the payment of a less sum
than the minimum sum specified in the contract, because of the failure of the corporation to
receive or collect the amount in the contract by assessment upon the surviving members, shall
be void. Nothing in this section contained shall be so construed as to render any member liable
for more than one assessment for each death occurring during the period of membership, unless
otherwise specified in the policy. All policies issued by the company shall contain a title including
the word "assessment" on the face and on the back of the policy correctly describing the same.
This section shall not apply to any existing domestic company until it has been in existence
for four years.
History: 1967 c 395 art 2 s 42; 1986 c 444
No cooperative or assessment life insurance company shall hereafter issue any policy in this
state which does not provide for the payment of a fixed minimum sum, which may be increased
each year the insurance remains in force, in the amounts to be provided in the policy. Any
agreement or bylaw providing for the placing of a lien upon such policy, except for nonpayment
of premium or assessment, and any agreement or bylaw providing for the payment of a less sum
than the minimum sum specified in the contract, because of the failure of the corporation to
receive or collect the amount in the contract by assessment upon the surviving members, shall
be void. Nothing in this section contained shall be so construed as to render any member liable
for more than one assessment for each death occurring during the period of membership, unless
otherwise specified in the policy. All policies issued by the company shall contain a title including
the word "assessment" on the face and on the back of the policy correctly describing the same.
This section shall not apply to any existing domestic company until it has been in existence
for four years.
History: 1967 c 395 art 2 s 42; 1986 c 444
Official Publication of the State of Minnesota
Revisor of Statutes