Bill Text: MN SF1934 | 2011-2012 | 87th Legislature | Chaptered

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Bill Title: Township mutual fire company combination insurance policies regulations modification

Spectrum: Slight Partisan Bill (Republican 8-4-1)

Status: (Passed) 2012-04-16 - Secretary of State Chapter 162 04/05/12 [SF1934 Detail]

Download: Minnesota-2011-SF1934-Chaptered.html

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CHAPTER 162--S.F.No. 1934

An act

relating to insurance; regulating township mutual fire insurance company
combination policies;amending Minnesota Statutes 2010, section 67A.191.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2010, section 67A.191, is amended to read:
67A.191 COMBINATION POLICIES.
    Subdivision 1. Qualified risks. A township mutual fire insurance company may
issue an insurance policy for qualified and secondary property as defined in section
67A.14, subdivision 1, in combination with a policy issued by an insurer authorized to
sell property and casualty insurance in this state. The portions of the combination policy
issued by a township mutual insurance company, including those that insure dwellings,
whether or not owner occupied, are excluded from all provisions of the insurance laws
of this state as provided in section 67A.25, subdivision 2.
    Subd. 2. Homeowner's risks. A township mutual fire insurance company may
market and issue policies known as "homeowner's insurance" as defined in section
65A.27, subdivision 4, only in combination with a policy issued by an insurer authorized
to sell property and casualty insurance in this state. All portions of the combination policy
providing homeowner's insurance, including those issued by a township mutual insurance
company, are subject to the provisions of chapter 65A and sections 72A.20 and 72A.201.
EFFECTIVE DATE.This section is effective the day following final enactment,
and does not apply to losses incurred before that date.