62B.01 SCOPE. All life insurance, accident and health insurance, and involuntary unemployment insurance in connection with loan or other credit transactions are subject to sections 62B.01 to 62B.14, except life, accidental death, and disability insurance written in connection with first real estate mortgage loans. Insurance is not subject to sections 62B.01 to 62B.14 where its […]
62B.02 DEFINITIONS. Subdivision 1. Scope. For the purpose of sections 62B.01 to 62B.14 the following terms have the meanings given to them in this section. Subd. 2. Credit life insurance. “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. Subd. […]
62B.03 FORMS OF CREDIT LIFE INSURANCE, CREDIT ACCIDENT AND HEALTH INSURANCE, AND CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE. Credit life insurance, credit accident and health insurance, and credit involuntary unemployment insurance shall be issued only in the following forms: (1) individual policies of life insurance issued to debtors on the term plan; (2) individual policies of accident […]
62B.04 AMOUNT OF CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE. Subdivision 1. Credit life insurance. (1) The initial amount of credit life insurance shall not exceed the amount of principal repayable under the contract of indebtedness plus an amount equal to one monthly payment. Thereafter, if the indebtedness is repayable in substantially equal […]
62B.05 TERM OF CREDIT INSURANCE. The term of any credit life insurance, credit accident and health insurance, or credit involuntary unemployment insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the […]
62B.06 PROVISIONS OF POLICIES AND CERTIFICATES OF INSURANCE; DISCLOSURE TO DEBTORS. Subdivision 1. Policy, memorandum copy, or certificate required. All credit life insurance, credit accident and health insurance, and credit involuntary unemployment insurance shall be evidenced by an individual policy, memorandum copy, or in the case of group insurance by a certificate of insurance, which […]
62B.07 REGULATION OF RATES AND FORMS. Subdivision 1. Filing. All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state and the schedules of premium rates pertaining thereto shall be filed with the commissioner. Subd. 2. Disapproval. The commissioner shall within 60 days […]
62B.08 PREMIUMS AND REFUNDS. Subdivision 1. Schedules and rates; revisions. An insurer may revise its schedules or premium rates from time to time, and shall file such revised schedules with the commissioner. No insurer shall issue any credit life insurance policy, credit accident and health insurance policy, or credit involuntary unemployment insurance policy for which […]
62B.09 ISSUANCE OF POLICIES. Subdivision 1. Regulation. Policies of credit life insurance and credit accident and health insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business in this state and shall be issued only through holders of licenses or authorizations issued by the […]
62B.10 CLAIMS. Subdivision 1. Handling. All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. Claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. Subd. 2. Payment. All claims shall be paid either by […]
62B.11 EXISTING INSURANCE; CHOICE OF INSURER. When credit life insurance, credit accident and health insurance, or credit involuntary unemployment insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by […]
62B.12 RULEMAKING. The commissioner may, after notice and hearing, issue rules the commissioner deems appropriate for the supervision of sections 62B.01 to 62B.14. The commissioner shall promulgate rules to establish rates for credit involuntary unemployment insurance prior to its issuance, and to enact the other provisions of Laws 1993, chapter 343, and the commissioner shall […]
62B.13 JUDICIAL REVIEW. Any party to the proceeding affected by an order of the commissioner shall be entitled to judicial review in accordance with chapter 14. History: Ex1967 c 2 s 13; 1982 c 424 s 130
62B.14 PENALTIES. In addition to any other penalty provided by law, any person, firm or corporation which violates an order of the commissioner after it has become final, and while it is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the state a sum not to exceed […]
