SF665

This bill, SF No 665, proposes changes to the insurance laws in Minnesota. Specifically, it aims to adjust the notice period requirements for when an insurance company can cancel a policy. If a policy is new (less than 60 days old) and is being canceled due to non-payment or declined, the insurance company must now provide at least 60 days notice, instead of the previous 20 days. Additionally, if a policy is canceled mid-term for specified reasons or according to policy terms, the notice period is also extended from 30 to 60 days. The bill further stipulates that if a policy is not going to be renewed, the insurer must notify the insured at least 60 days in advance, detailing the reasons for the nonrenewal. These changes do not apply to commercial policies, which are governed by different sections of the law.