Regulation · State guide
Minnesota annuity rules
Top 5-year MYGA
6.30%
B++ or better, yield to surrender
- FIA S&P cap
- 17.00%
- As of
- Oct 27
What Minnesota law says
Free-look period
An annuity contract sold in Minnesota must give you at least 10 days after you receive it to cancel and get your premium back, or at least 30 days if it replaced another policy.
Minn. Stat. § 72A.52, Minnesota Statutes § 72A.52 — required cancellation notice for policies and contracts covered by section 72A.51, including life and annuity contractsVerified 2026-08-25
What your agent owes you
A producer recommending an annuity must act in your best interest and may not put their own or the insurer's financial interest ahead of yours.
Minn. Stat. § 72A.2032, Minnesota Statutes § 72A.2032, subd. 1a — best interest obligations in annuity recommendationsVerified 2026-08-25
How Minnesota taxes annuity income
Minnesota starts from your federal adjusted gross income and applies its own modifications, so the taxable portion of an annuity payment is taxed as Minnesota income.
Minn. Stat. § 290.01, subd. 19, Minnesota Statutes § 290.01, subd. 19 — net income defined; for an individual, federal adjusted gross income with modificationsVerified 2026-08-25
Who regulates annuities in Minnesota
Fixed annuities are insurance products, so they are overseen by the state insurance department rather than by the SEC. The department licenses the carriers and the producers who sell them, and it takes consumer complaints.
The Minnesota guaranty association
Every state has a life and health insurance guaranty association that steps in when a member insurer fails. Coverage terms are set by state law and differ by state and by product. Contact the association directly for what applies to a specific contract.
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This page is educational and is not legal, tax, or insurance advice. State rules change. Verify anything here with the Minnesota insurance department before acting.
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