Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2761 - CREDIT INVOLUNTARY UNEMPLOYMENT INSURANCE
Part 2761.0300 - POLICY FORMS AND RELATED MATERIALS

Subpart 1. Filing requirements.

All policy forms, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders to be delivered or issued for delivery in this state, and the schedules of premium rates pertaining to them must be filed with the commissioner as required by Minnesota Statutes, section 62B.07.

Subp. 2. Loss ratio.

Each insurer filing rates for credit involuntary unemployment insurance benefit plans shall include in its rate filing with the commissioner the appropriate rate formula upon which its rates are based if other than the rates scheduled in this chapter, including provisions for losses, expenses, and profits. The provision for losses included in the rate formula shall not be less than 50 percent of the premium.

Subp. 3. Eligibility statement.

Each individual policy or certificate of group insurance must, in addition to other requirements of Minnesota Statutes, section 62B.06, include a statement prominently displayed setting forth the following or its equivalent: "Your eligibility for coverage may be dependent upon your being eligible to receive state unemployment benefits. A change in your employment may affect your eligibility for benefits. If you have any questions, contact your insurance company." To be considered prominently displayed, this statement must be in a typeface that is distinctive or more bold than the surrounding typeface, or be contained in a separately blocked portion surrounded by a distinctive border.