Section 72C.08 - FORMAT REQUIREMENTSSubdivision 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 policy owner 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 policy owner;(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 set off 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.