Minnesota Statutes Chapter 72A, Secs. 72A.01 through 72A.505: Insurance Trade Practices

What this document is

Minnesota Statutes Chapter 72A - Insurance Trade Practices (Secs. 72A.01 through 72A.505) is a state statute published by Minnesota Office of the Revisor of Statutes (revisor.mn.gov). It is one of the Minnesota documents that insurance license exam questions are written from, including minnesota life & health, minnesota property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Minn. Stat. Chapter 72A § 72A.497, subd. 4 (Access to Personal Information; Copying Fee)

  “An insurer, insurance agent, or insurance-support organization may charge a reasonable fee, not to exceed the actual costs, to copy information provided under this section. If an individual is requesting information as a result of an adverse underwriting decision, the insurer, insurance agent, or...”

• Minn. Stat. Chapter 72A § 72A.01 (Scope)

  “This chapter includes certain prohibitions and penalties. Other prohibitions and penalties may be found in other articles of Laws 1967, chapter 395, and other state laws.”

• Minn. Stat. Chapter 72A § 72A.201, subd. 8 (Standards for Claim Denial)

  “The following acts by an insurer, adjuster, or self-insured, or self-insurance administrator constitute unfair settlement practices: (1) denying a claim or any element of a claim on the grounds of a specific policy provision, condition, or exclusion, without informing the insured of the policy...”

• Minn. Stat. Chapter 72A § 72A.02 (Violations as to Policies of Insurance)

  “in addition to all other penalties prescribed by law, every company issuing any such policy shall be disqualified from doing any insurance business in this state until the payment of all fines imposed and for one year thereafter.”

• Minn. Stat. Chapter 72A § 72A.201, subd. 5 (Standards for Fair Settlement Offers and Agreements)

  “The following acts by an insurer, an adjuster, a self-insured, or a self-insurance administrator constitute unfair settlement practices: (1) making any partial or final payment, settlement, or offer of settlement, which does not include an explanation of what the payment, settlement, or offer of...”

• Minn. Stat. Chapter 72A § 72A.20, subd. 2 (False Information and Advertising Generally)

  “Making, publishing, disseminating, circulating, or placing before the public, or causing, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or...”

• Minn. Stat. Chapter 72A § 72A.071, subd. 3(b) (Rebates; Exceptions)

  “An insurer, producer, or representative of either may not offer or provide insurance at no cost as an inducement to the purchase of another policy.”

• Minn. Stat. Chapter 72A § 72A.494, subd. 3 (Notice of Information Practices; Timing)

  “In the case of an application for insurance coverage, the notice must be provided to the applicant or policyholder no later than the time application is made for the coverage, renewal, reinstatement, or change in benefits.”

• Minn. Stat. Chapter 72A § 72A.12, subd. 2 (Misrepresentation by Insurer or Agent)

  “No life insurance company doing business in this state, and no officer, director or agent thereof, shall issue or circulate, or cause or permit to be issued or circulated, any estimate, illustration, circular or statement of any sort misrepresenting the terms of any policy issued by it or the...”

• Minn. Stat. Chapter 72A § 72A.50, subd. 2 (Previous Adverse Underwriting Decisions; Prohibitions)

  “An insurer or insurance agent may not base an adverse underwriting decision, in whole or in part, on: (1) the fact of a previous adverse underwriting decision or the fact that a person previously obtained insurance coverage through a residual market mechanism, provided that an insurer or insurance...”

• Minn. Stat. Chapter 72A § 72A.201, subd. 7 (Standards for Releases)

  “The following acts by an insurer, adjuster, or self-insured or self-insurance administrator constitute unfair settlement practices: (1) requesting or requiring an insured or a claimant to sign a release that extends beyond the subject matter that gave rise to the claim payment; (2) issuing a check...”

• Minn. Stat. Chapter 72A § 72A.20, subd. 1 (Misrepresentations and False Advertising of Policy Contracts)

  “making any misrepresentation to any policyholder insured in any company for the purpose of inducing or tending to induce such policyholder to lapse, forfeit, or surrender insurance, shall constitute an unfair method of competition and an unfair and deceptive act or practice in the business of insurance.”

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More Minnesota sources

• Minn. Stat. s. 72A.20: Methods, acts, and practices which are unfair or deceptiveState statute
• Minn. Stat. s. 60K.43: Producer license denial, suspension, revocation, or refusalState statute
• Minn. Stat. s. 60K.31 et seq.: Insurance producer licensingState statute
• Minn. Stat. ss. 61A.03 et seq.: Life insurance policy provisionsState statute
• Minn. Stat. s. 62A.04: Accident and health policy required and optional provisionsState statute
• Minnesota Statutes Chapter 176 - Workers' Compensation (the Minnesota Workers' Compensation Act: coverage, benefits, procedure, rehabilitation, insurance)State statute
• Minnesota Statutes Chapter 45 - Department of Commerce (the commissioner's powers, enforcement, licensing administration and the 45.027 enforcement section)State statute
• Minnesota Statutes Chapter 60A - Insurance in General, first third (Secs. 60A.01 through 60A.11)State statute