Chapter 62B — Forms of Credit Life Insurance, Credit Accident and Health Insurance, and Credit Involuntary Unemployment Insurance
Minnesota Statutes Chapter 62B — Forms of Credit Life Insurance, Credit Accident and Health Insurance, and Credit Involuntary Unemployment Insurance
62B.01
Scope
This section explains which types of insurance are covered by the credit insurance law. It applies to life, accident and …
62B.02
Definitions
This section defines key terms used in the credit insurance law. Credit life insurance pays off your loan if you die. …
62B.03
Forms of Credit Life Insurance, Credit Accident and Health Insurance, and Credit Involuntary Unemployment Insurance
This section lists the types of credit insurance that are allowed. Credit life, accident and health, and involuntary …
62B.04
Amount of Credit Life Insurance and Credit Accident and Health Insurance
This section limits how much credit insurance coverage you can have. Credit life insurance cannot be more than the …
62B.05
Term of Credit Insurance
This section sets rules for when credit insurance starts and ends. Coverage usually begins when you take out the loan …
62B.06
Provisions of Policies and Certificates of Insurance; Disclosure to Debtors
This section requires that borrowers receive a copy of their credit insurance policy or certificate. The document must …
62B.07
Regulation of Rates and Forms
This section requires insurers to file their credit insurance policy forms and premium rates with the commissioner of …
62B.08
Premiums and Refunds
This section covers premium charges and refunds for credit insurance. Insurers can update their rates by filing with the …
62B.09
Issuance of Policies
This section says credit insurance can only be sold by insurers licensed in Minnesota through licensed agents. Credit …
62B.10
Claims
This section sets rules for how credit insurance claims are handled. Claims must be reported promptly, and the insurance …
62B.11
Existing Insurance; Choice of Insurer
This section says that borrowers must agree to credit insurance in writing. If the insurance is not required for the …
62B.12
Rulemaking
This section sets when the credit insurance law took effect and allows existing insurance to continue under old rates …
62B.13
Judicial Review
This section gives the commissioner of commerce the power to make rules needed to carry out the credit insurance law. …
62B.14
Penalties
This section allows a creditor to give a borrower a separate document explaining their credit insurance. This document …