Bill > HF2460

This bill amends Minnesota insurance policy cancellation time requirements by extending the advance notice periods for policy cancellations. Specifically, for policies less than 60 days old that are being declined or canceled for nonpayment of premium, the notice period is increased from 20 to 60 days before the cancellation date. Similarly, for midterm cancellations based on certain reasons or policy provisions, the notice period is extended from 30 to 60 days before the cancellation date. The bill maintains the existing 60-day notice requirement for policy nonrenewals and continues to require that insurers inform policyholders of the source of information if a policy is being declined or canceled for underwriting considerations. The new requirements do not apply to commercial policies regulated under specific other sections of Minnesota law. These changes aim to provide policyholders with more advance notice and transparency when their insurance policies are at risk of cancellation or nonrenewal.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2460&ssn=0&y=2025