US Laws, Codes, Statutes & Cases

     72C.08 Format requirements. 

    Subdivision 1.    Requirement.  All insurance policies and 
 contracts 
 covered by section 72C.11 shall be written in a logical, clear, 
 and understandable order and form and shall contain at least the 
 following items: 

    (a) on the cover or first or an insert page of the policy a 
 statement that the policy is a legal contract between the 
 policyowner and the company and the statement, printed in larger 
 or other contrasting type or color, "Read your policy 
 carefully"; 

    (b) an index of the major provisions of the policy or 
 contract, which may include the following items: 

    (1) the person or persons insured by the policy; 

    (2) the applicable events, occurrences, conditions, losses 
 or damages covered by the policy; 

    (3) the limitations or conditions on the coverage of the 
 policy; 

    (4) definitional sections of the policy; 

    (5) provisions governing the procedure for filing a claim 
 under the policy; 

    (6) provisions governing cancellation, renewal, or 
 amendment of the policy by either the insurer or the 
 policyowner; 

    (7) any options under the policy; and 

    (8) provisions governing the insurer's duties and powers in 
 the event that suit is filed against the insured. 

    Subd. 2.    Compliance factors.  In determining whether a policy 
 or contract is 
 written in a logical, clear, and understandable order and form 
 the commissioner shall consider the following factors: 

    (a) the extent to which each provision for coverage is 
 stated separately in a self-contained section, including the 
 conditions relating to or limiting that section's effect; 

    (b) the extent to which sections or provisions are setoff 
 and clearly identified by titles, headings, or margin notations; 

    (c) the use of a more easily understandable format such as 
 narrative or outline forms; and 

    (d) any additional factors relevant to a logical, clear, 
 and understandable format which the commissioner may prescribe 
 by rule. 

    HIST: 1977 c 345 s 8 

Copyright 2005 by the Office of Revisor of Statutes, State of Minnesota.