S.F. No. 3846 Summary

• Amends Minnesota transfer on death deed law to establish that grantee beneficiaries hold an insurable interest in property starting when the deed becomes effective upon the grantor owner's death.

• Requires insurers to provide temporary extended coverage to designated grantee beneficiaries for up to 30 days following the grantor owner's death or until policy expiration, whichever is earlier.

• Mandates that grantor owners notify insurers of transfer on death deeds and provide the names and contact information of all designated grantee beneficiaries to obtain temporary extended coverage.

• Requires transfer on death deeds to include warnings to both grantor owners and grantee beneficiaries regarding insurance coverage continuation and the 30-day temporary extended coverage period.

• Effective for insurance policies issued or renewed on or after August 1 of the year of final enactment; does not apply retroactively to earlier policies unless grantor owner provides notice to insurer.