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MN HF2544
Bill
Status
Introduced
2/27/2012
Primary Sponsor
Jenifer Loon
Click for details
AI Summary
- Removes "baggage" from the term "travel baggage insurance" in limited lines credit insurance licensing requirements, replacing it with "travel insurance"
- Creates new section 60K.383 establishing regulatory framework for travel insurance, defining it as coverage for personal risks incident to planned travel including trip cancellation, baggage loss, accommodation damage, and medical events during travel
- Requires travel insurance producers (insurers or their designees) to maintain business entity licenses and keep registers of travel retailers offering travel insurance on their behalf, with registers submitted to the commissioner within 30 days upon request
- Mandates travel insurance producers designate a "designated responsible producer" (DRP) employee to ensure compliance with Minnesota insurance laws and requires all employees offering travel insurance to receive instruction or training
- Permits travel retailers to offer and disseminate travel insurance without individual licenses when operating under a licensed business entity, limited to providing information, processing applications, and collecting premiums; effective July 1, 2012
Legislative Description
Travel insurance offer and dissemination regulated.
Last Action
HF indefinitely postponed
3/29/2012
Committee Referrals
Commerce and Regulatory Reform2/27/2012
Full Bill Text
No bill text available