Minnesota Life Insurance

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While Minnesota is the 12th largest state in area, it is 21st largest in population, with just over 5 million people. Over 60% of this population is gathered together in the Twin Cities area - the cities of Minneapolis and Saint Paul and their surrounding suburbs. Other, smaller cities dot the state, but for the most part the rest of the population is rural.

According to City-Data.com, in 2001 Minnesotans held 2.3 million life insurance policies valued at $200.8 billion. In other words, only about half the inhabitants of the state carried life insurance policies, and that ratio is probably the same today. If you are one of the uninsured, considering life insurance can add to a personal sense of financial security for yourself and your family.

Minnesota Offices Responsible for Life Insurance

Minnesota's Division of Insurance is part of their Department of Commerce. From their website, you are able to look up the license of any company you're thinking of doing business with. They also have set up a Consumer Response Team (CRT), comprised of investigators who respond to consumer phone calls specifically about insurance. They request that you attempt to settle the problem with your insurer in person, first, before calling them in.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Minnesota Life & Health Insurance Guaranty Association, which was created by a statute in 1977. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Minnesota's Chapter 61. These regulations cover every step in the life insurance process, from what companies are allowed to become licensed, to how they must conduct their business.

Contacting the Minnesota Division of Insurance