When credit life insurance, credit accident and health insurance, or credit involuntary unemployment insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by the debtor or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
Ex1967 c 2 s 11; 1986 c 444; 1993 c 343 s 24
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 62B — Credit Insurance
Section 62B.04 — Amount Of Credit Life Insurance And Credit Accident And Health Insurance.
Section 62B.05 — Term Of Credit Insurance.
Section 62B.06 — Provisions Of Policies And Certificates Of Insurance; Disclosure To Debtors.
Section 62B.07 — Regulation Of Rates And Forms.
Section 62B.08 — Premiums And Refunds.
Section 62B.09 — Issuance Of Policies.
Section 62B.11 — Existing Insurance; Choice Of Insurer.