Subd. 1. Contents.

In addition to all other legal requirements a policy or contract of insurance described in section 72A.51 shall show the name and address of the insurer and the seller of the policy or contract and shall state, clearly and conspicuously in boldface type of a minimum size of ten points, a right to cancel notice which shall include the following:

1. (1) a minimum of ten days beginning on the date the policy is received by the owner;
2. (2) a minimum of 30 days beginning on the date the policy is received by the owner if the policy is a replacement policy;
3. (3) a requirement for the return of the policy to the company or an agent of the company;
4. (4) a statement that the policy is considered void from the beginning and the parties shall be in the same position as if no policy had been issued;
5. (5) a refund of all premiums paid, including any fees or charges, if the policy is returned; and
6. (6) a statement that notice given by mail and return of the policy or contract by mail are effective on being postmarked, properly addressed, and postage prepaid. For variable annuity contracts issued pursuant to sections 61A.13 to 61A.21, this notice shall be suitably modified so as to notify the purchaser that the purchaser is entitled to a refund of the amount calculated in accordance with the provisions of section 72A.51, subdivision 3.

Subd. 2. Noncompliance; cancellation.

If a policy or contract of insurance covered by this section is sold without compliance with subdivision 1, the policy or contract may be canceled by the purchaser at any time within one year after the date of purchase by returning the policy or contract and by giving written notice of cancellation to the insurer or its agent. If a purchaser cancels a policy or contract under this subdivision, the insurer must return the entire consideration paid for the policy or contract within ten days after receiving notice of cancellation and the returned policy or contract, except that if the contract is a variable annuity contract issued pursuant to sections 61A.13 to 61A.21, the insurer shall refund to the purchaser an amount calculated in accordance with the provisions of section 72A.51, subdivision 3.