2025 Session
Last amended: 1967 session
§ 61A.52 — Reserve Required
Plain-Language Summary
Life insurance companies must follow specific rules when handling unclaimed death benefits. Companies must make reasonable efforts to find beneficiaries and pay claims.
61A.52 RESERVE REQUIRED.
No casualty company or association organized under the cooperative or assessment laws of this state not having a reserve of at least $25,000 on deposit with the commissioner shall issue policies or contracts providing for the payment of endowments of any kind.
History:
History: History:
1967 c 395 art 2 s 52
Practical Notes
Insurance companies must actively search for beneficiaries when a policyholder dies. If you think you might be a beneficiary of an unclaimed policy, contact the Minnesota Department of Commerce.