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On behalf of Commissioner Glenn Wilson, thank you for your service to our country. As Governor Pawlenty has said, "So many brave Minnesota men and women have volunteered to advance the cause of freedom. The Minnesota spirit of service is one of the things that make our state so special." The Minnesota Department of Commerce is the state regulator of insurance, mortgage, real estate, debt collection, and other financial services industries. If you encounter a problem or dispute involving one of these industries, we may be able to assist. If you are a licensed real estate agent, appraiser or insurance producer, and have been called to active duty in the Armed Forces of the United States, we also want to make you aware of waivers for your license renewal and continuing education requirements. The following information is intended to be helpful before, during, and after your deployment. However, this is not a complete list of your rights and benefits under state or federal law. Contact your unit's judge advocate for more information and counsel about your particular situation. Professional Licenses National Association of Security Dealers (NASD) regulations allow a firm to place a registered representative on "inactive" status while serving with the U.S. military. This "inactive" status exempts a registered representative/agent from continuing education obligations, waives dues and assessments and ensures that the representative/agent is not subject to the two -year expiration period for securities licenses.
If you are unable to comply with license renewal procedures due to military service, you may request a waiver of those procedures or any examination requirement (Minnesota statute section 60K.38, Subd. 4).You may obtain a waiver by notifying the Department of Commerce Licensing Unit in writing. Your license will be renewed and education requirements will be waived. If your license expires while on active duty, you may reactivate your license and the education or examination requirements will be waived upon your written request. - The renewal date for insurance producers, agents and adjusters is October 31.
If your license expires because you have been absent from the state while on active military duty, the re-examination normally required for an expired license is waived. (Minnesota State. 82B.10, Subd. 2). Continuing education requirements may be deferred for up to 180 days after returning to the state from active duty. - The renewal date for appraisers is August 31
If your license expires because you have been absent from the state while on active military duty, the re-examination normally required for an expired license is waived. (Minnesota State. 82.29, Subd. 7). Continuing education requirements may be waived for up to a year after returning from active duty. (Minnesota Rules 2809.0180). - The renewal date for real estate licensees is June 30
If you need more information or have questions about license procedures, please contact the Licensing Unit 1-800-657-3978 (MN only, 8 AM - 12:30 PM)
651-296-6319 (8 AM - 12:30 PM)
651-284-4107 FAX
licensing.commerce@state.mn.us
If you have a life insurance policy -
In addition to the military death gratuity and the Serviceman's Group Life Insurance (SGLI) benefits, many service members are covered by life insurance policies purchased in the private market or offered by their employers. These policies may contain a "war clause or military exclusion" (Minnesota statute section 61A.06) limiting the amount of benefits paid if the insured dies while in military service. Regardless of your current coverage, you should carefully evaluate your insurance needs and military benefits with a trusted family member or financial advisor before buying additional private insurance. -
The Servicemembers Civil Relief Act of 2003 (SCRA) permits service members to request deferment of certain private life insurance premiums and other payments for the period of military service and two years thereafter. If the U.S. Department of Veterans Affairs approves the request, the federal government will guarantee the payments, the policy will remain in effect, and the service member will have two years after the period of military service to repay all premiums and interest. -
Under Minnesota law, an insurance company cannot refuse to insure you because you are a member of a reserve unit or the National Guard, unless you have received an order for active duty. (Minnesota statute section 72A.20 subd 8 (b)) -
Before you purchase any insurance policy, it is a good idea to ask the agent or broker specific questions about how the company will handle issues related to the deployment of their policyholders who are in the military. Each company's guidelines can vary. By shopping around, you may be able to find an insurer who takes the specialized needs of service members into account. The National Association of Insurance Commissioners offers more information in a brochure.
If your life or health insurance policy is canceled -
A Minnesota licensed insurance company must reinstate coverage for you or your dependents if coverage was terminated, canceled, or nonrenewed while you are on active duty. This applies to individual or group life or health insurance policies. For individual policies, you must apply for reinstatement within 90 days after you return from active duty. Reinstatement is effective upon the payment of any required premiums. (Minnesota statute section 72A.20 subd 8 (c)) -
The SCRA also provides for the reinstatement of health insurance upon termination or release from service. The insurance must have been in effect before such service commenced and terminated during the period of military service. (The reinstatement of health insurance protection does not apply if you are entitled to participate in employer-offered insurance.) You must apply for the reinstatement of the health insurance within 120 days after termination or release from military service. If you are enrolled in MinnesotaCare
A law passed by the legislature and signed by Governor Pawlenty allows a National Guard or Reserve member who is ordered to active duty to discontinue enrollment in MinnesotaCare, the state's health insurance program for low- and moderate- income Minnesotans. The service member may reenroll upon return from active service without the required four-month waiting period and lapse in coverage, and without consideration of the person's active duty military income. If your home is unoccupied or rented to another person
Minnesota's omnibus insurance act of 2005 ensures that members of the National Guard and Reserves will not be forced to pay higher property insurance rates when they must rent out their homes (the commercial policy rate) or leave them unoccupied (the vacant home rate) upon being ordered into active military service. Specifically, the act provides that no insurer, including the Minnesota FAIR plan, shall refuse to renew, decline to offer or write, reduce the limits of, cancel, or charge differential rates for equivalent coverage for any coverage in a homeowner's policy because the dwelling is vacant or occupied by a caretaker, if the insured's absence is caused solely by the insured being called to active military service as a member of the National Guard or Reserves. If you have a mortgage or other loans
If you are called to active duty and have difficulty meeting your obligations, you may be entitled to have the interest rate on your mortgage or other loans reduced to 6%. There are several conditions for this SCRA provision: -
You took out the loan during a time when you were not on any form of active duty in any branch of the military. -
Your military service affects your ability to pay the loan at the regular (pre-service) interest rate. Generally this requirement means that you make less money in the military than you made as a civilian. -
You notified the lender in writing with a copy of your orders. 'Active Duty' Alerts Help Protect Military Personnel from Identity Theft
Information from the Federal Trade Commission The last thing you want to worry about while you're on deployment is someone assuming your identity to commit financial fraud. Now, you don't have to. Amendments to the Fair Credit Reporting Act allow you to place an "active duty alert" in your credit report. According to the Federal Trade Commission, one of the agencies that enforces the FCRA, the alert requires creditors to verify your identity before granting credit in your name. Your credit report contains information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate applications for credit, and a host of other activities, including insurance, employment, or renting a home. Click here for more information: http://www.ftc.gov/bcp/edu/microsites/idtheft/military/alerts.htmls/alerts/dutyalrt.htm The Servicemembers Civil Relief Act of 2003 (SCRA)
SCRA is a federal law that gives all military members some important rights as they enter active duty. Please contact your unit's judge advocate general for more information. Click here to visit the Army's JAGCNet web site. If you have a question that we have not addressed on these pages, contact us at: 1-800-657-3602 (MN only)
651-296-2488
651-296-4328 FAX
market.assurance@state.mn.us
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