§ 60C.22 — Notice for Policy or Contract Not Covered
Plain-Language Summary
This section requires a warning notice on insurance policies that are not covered by any Minnesota guaranty association. The notice must be printed in red ink and tell the buyer that if the insurer goes bankrupt, their claims are not guaranteed and only the insurer's remaining assets can pay them.
60C.22 NOTICE FOR POLICY OR CONTRACT NOT COVERED.
A policy or contract not covered by the Minnesota Life and Health Insurance Guaranty Association or the Minnesota Insurance Guaranty Association must contain the following notice in 10-point type, stamped in red ink on the policy or contract and the application:
“THIS POLICY OR CONTRACT IS NOT PROTECTED BY THE MINNESOTA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION OR THE MINNESOTA INSURANCE GUARANTY ASSOCIATION. IN THE CASE OF INSOLVENCY, PAYMENT OF CLAIMS IS NOT GUARANTEED. ONLY THE ASSETS OF THIS INSURER WILL BE AVAILABLE TO PAY YOUR CLAIM.”
This section does not apply to fraternal benefit societies regulated under chapter 64B.
History:
1992 c 540 art 2 s 11; 1993 c 248 s 1
History: History: 1992 c 540 art 2 s 11; 1993 c 248 s 1