Minnesota Session Laws - 2012, Regular Session

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 new text begin , including those that insure dwellings, whether or not owner occupied, new text end 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 new text begin market and new text end 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.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment, and does not apply to losses incurred before that date. new text end

Presented to the governor April 3, 2012

Signed by the governor April 5, 2012, 03:16 p.m.