Purpose of the Bill

The purpose of this bill is to enhance transparency and access to important insurance documents for policyholders. It aims to ensure that individuals holding insurance policies can easily obtain a copy of their current policy upon request.

Main Provisions

• Requirement for Insurers: The bill mandates that insurers provide a copy of the current insurance policy to the first named insured.

• Time Frame for Delivery: Insurers must deliver the requested policy within 21 days after receiving a request from the insured party.

• Delivery Methods: The policy can be delivered in several ways: as a physical paper document, electronically, or through a website link.

• Frequency of Requests: The bill stipulates that insurers are obliged to fulfill this request only once per policy period, ensuring the insured can access the most recent version of their policy annually.

Significant Changes to Existing Law

Currently, Minnesota law does not explicitly require insurers to provide a current policy copy within a specific time frame upon request. This bill introduces a new requirement within Minnesota Statutes 2024 section 72A.20 by adding a subdivision that compels insurers to comply with these requests, thereby enhancing consumer rights and transparency within the insurance sector.

Relevant Terms

insurance policy, insurers, policyholder access, document delivery, transparency, consumer rights, Minnesota Statutes 72A.20