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MN HF4907
Bill
Status
3/13/2024
Primary Sponsor
Ron Kresha
Click for details
AI Summary
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Amends Minnesota Statutes section 60K.383 and creates new chapter 65C to establish a comprehensive regulatory framework for travel insurance in Minnesota
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Requires limited lines travel insurance producers to be licensed and travel retailers to be registered; travel retailers may only offer and disseminate travel insurance on behalf of licensed producers meeting specified conditions
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Travel insurance encompasses coverage for trip cancellation, baggage loss, accident or death during travel, emergency evacuation, and other travel-related contingencies, but excludes major medical plans lasting six months or longer
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Travel insurers must pay premium tax on policies sold to Minnesota residents; fulfillment materials must disclose coverage details, claim procedures, and insurer contact information within 15 days of purchase
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Prohibits negative option or opt-out enrollment for travel insurance; establishes that travel assistance services and cancellation fee waivers are not insurance; takes effect 90 days after final enactment
Legislative Description
Licensing and registration of limited lines travel insurance producers and travel retailers provided, travel insurance sale and regulation provided.
Last Action
Introduction and first reading, referred to Commerce Finance and Policy
3/13/2024