Minnesota Governor Jesse Ventura signed insurance producer licensing legislation that appears to meet the reciprocity requirements of the federal Graham-Leach-Bliley (GLB) Act. The Act requires twenty-nine states to pass reciprocal or uniform licensing laws before November 2002 in order to avoid possible federal oversight of insurance regulation.
The National Association of Independent Insurers (NAII) supported Senate File 1826 (SF 1826) even though it did not include the preferred customer service representative (CSR) licensing exemption language.
Also, signed by the Governor was SF 1264, dealing with no-fault wage loss benefits for seniors. This law was enacted as a result of the Minnesota Supreme Court’s decision in American Family Insurance Group v. Schroedl.
SF1264, effective August 1, 2001, requires that auto policies for those 65 years and older must provide disability and income loss benefits, unless the policyholder elects not to have the coverage. The bill also requires insurers to notify insured seniors of their rights at the time of sale, first renewal of the policy and at least annually after that. .
Topics Legislation Minnesota
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