MN HF1662

Changes the deadline for returning unearned insurance premiums from 30 days to 5 days following receipt of a cancellation request for automobile, homeowner's, accident and sickness, and comprehensive health insurance policies.

Requires insurers to refund all unearned premiums to policyholders upon policy termination or cancellation if the unearned premium covers a period of more than one month, classified as an unfair and deceptive practice if refused.

Maintains existing requirement that life insurance unearned premiums be returned within 30 days upon policy surrender or the insured's death.

Exempts motorcycle and other seasonally rated or limited use vehicle insurance policies from the premium return requirements.

Defines unearned premiums as the portion of paid premiums corresponding to the period after policy termination until the next scheduled premium date.