Minnesota Administrative Code

2790.0500 DECEPTIVE WORDS, PHRASES, OR ILLUSTRATIONS. Subpart 1. General prohibition. No advertisement or representation, written or oral, may omit information or use words, phrases, statements, references, or illustrations if the omission of the information or use of the words, …

2790.0550 REGULATION OF BUSINESS OF FINANCIAL PLANNING. Subpart 1. Definition. "Business of financial planning" means providing, or offering to provide, financial planning services or financial counseling or advice, on a group or individual basis. An agent or insurer who, on adve…

2790.0600 EXCEPTIONS, REDUCTIONS, AND LIMITATIONS. Subpart 1. Disclosure. When an advertisement for health or accident insurance refers to any dollar amount of benefits payable, period of time for which any benefit is payable, cost of a policy, specific policy benefit, or the los…

2790.0700 RENEWABILITY, CANCELABILITY, AND TERMINATION. An advertisement which refers to renewability, cancelability, or termination of a policy, or which refers to a policy benefit, or which states or illustrates time or age in connection with eligibility of applicants or contin…

2790.0800 IDENTITY. Subpart 1. Disclosure. The identity of the insurer, agents, or agency must be made clear in all advertisements or representations, whether written or oral. Subp. 2. Names. An advertisement or representation, whether written or oral, must not use a trade name, …

2790.0900 TESTIMONIALS, ENDORSEMENTS, OR COMMENDATIONS BY THIRD PARTIES. Subpart 1. Disclosure of interests. If a person, group, or association making a testimonial, endorsement, or a commendatory statement concerning the insurer has a financial interest in the insurer or a relat…

2790.1000 JURISDICTIONAL LICENSING. Subpart 1. Misrepresentation. An advertisement which may be seen or heard beyond the limits of the jurisdiction in which the insurer is licensed must not imply licensing beyond those limits. Subp. 2. Disclosure. Advertisements by direct mail in…

2790.1100 APPROVAL BY GOVERNMENT AGENCY. Subpart 1. Misleading advertisements. An advertisement or representation, whether written or oral, must not state or imply, or otherwise create the impression directly or indirectly, that the insurer, its financial condition or status, the…

2790.1200 INTRODUCTORY, INITIAL, OR SPECIAL OFFERS IN LIMITED ENROLLMENT PERIODS. Subpart 1. Regulation. An advertisement or representation, whether written or oral, must not state or imply that a policy or combination of policies is an introductory, initial, or special offer and…

2790.1300 GROUP, QUASI-GROUP, OR SPECIAL CLASS IMPLICATIONS. An advertisement or representation, whether written or oral, must not state or imply that prospective policyholders or members of a particular class of individuals become group or quasi-group members or are uniquely eli…

2790.1400 IDENTIFICATION OF PLAN OR NUMBERS OF POLICIES. Subpart 1. Benefits to depend on plan selected. When an advertisement or representation, whether written or oral, refers to a choice regarding benefit amounts, it must disclose that the benefit amounts provided will depend …

2790.1500 USE OF STATISTICS. Subpart 1. Relevant facts. An advertisement or representation, whether written or oral, relating to the dollar amounts of claims paid, the number of persons insured, or similar statistical information relating to any insurer or policy must not be used…

2790.1600 INSPECTION OF POLICY. Subpart 1. Effect. An offer in an advertisement or representation, whether written or oral, of free inspection of a policy or offer of a premium refund is not a cure for misleading or deceptive statements contained in the advertisement or represent…

2790.1700 DISPARAGING COMPARISONS AND STATEMENTS. An advertisement must not directly or indirectly make unfair or incomplete comparisons of policies or benefits or otherwise falsely or unfairly disparage, discredit, or criticize competitors, their policies, services, or business …

2790.1800 STATEMENT ABOUT AN INSURER. An advertisement must not contain statements which are untrue in fact or by implication misleading with respect to the insurer's assets, corporate structure, financial standing, age, experience, or relative position in the insurance business.…

2790.1900 SERVICE FACILITIES. An advertisement or representation, whether written or oral, must not contain untrue statements with respect to the time within which claims are paid or statements which imply that claim settlements will be liberal or generous beyond the terms of the…

2790.2000 INSURER'S ADVERTISING FILE. Subpart 1. Retention of copies. Each insurer shall maintain at its home or principal office a complete file containing every printed, published, or prepared advertisement of individual policies and typical printed, published, or prepared adve…

2790.2100 RESPONSIBILITY OF INSURER, AGENT, OR AGENCY. Subpart 1. System of control required. Every insurer, agent, or agency shall establish and at all times maintain a system of control over the content, form, and method of advertisements and representations, oral and written, …

2790.2200 PENALTY. Violations of this chapter subject the violator to the penalties described in Minnesota Statutes, chapters 45, 60A, and 62A. Statutory Authority: MS s 45.023; 45.025 History: 9 SR 175; 13 SR 1378 Published Electronically: September 14, 2007

2795.0100 DEFINITIONS. Subpart 1. Scope. As used in this chapter, the terms defined in this part shall have the meanings given them. Subp. 2. Agent. "Agent" means an insurance agent licensed under Minnesota Statutes, chapter 60K. Subp. 3. Brokerage business. "Brokerage business" …

2795.0200 AUTHORITY AND SCOPE. This chapter is promulgated pursuant to the authority of Minnesota Statutes, chapter 60K, and is intended to govern the interest of all licensed insurance agents in this state. Statutory Authority: MS s 60A.17 History: 9 SR 175 Published Electronica…

2795.0300 LOANS FROM CLIENTS. Subpart 1. Requirements. No agent shall solicit or accept a loan from an individual with whom the agent came into contact in the course of the agent's business, unless the loan agreement or note is in writing, the lender is provided with a fully exec…

2795.0400 DELIVERY OF POLICIES. Policies, certificates, or other evidence of insurance which are received by an agent from an insurer for delivery to an insured must be delivered or mailed to the insured by the agent within 30 working days of the agent's receipt, unless the insur…

2795.0500 RECEIPTS FOR MATERIALS. An agent who takes possession of an insured's or a potential insured's insurance policies, certificates, or other documents pertaining to existing or pending insurance, must leave a written receipt for those materials at the time the agent receiv…

2795.0600 OTHER LICENSES. It is an untrustworthy practice within the meaning of Minnesota Statutes, section 60K.11, subdivision 1, for an insurance agent to engage in any unfair, deceptive, dishonest, untrustworthy, or fraudulent conduct which leads to the revocation of a license…

2795.0700 CRIMINAL CONVICTIONS; DISCIPLINARY ACTIONS IN OTHER STATES. Subpart 1. Report of conviction. An agent who is convicted of a felony, gross misdemeanor, or a misdemeanor involving moral turpitude must report the conviction to the commissioner within ten working days of th…

2795.0800 DUTIES OF SUPERVISING AGENTS. Subpart 1. Agents' behavior and licensing. A supervising agent shall have the duty to ensure that contracted, employed, or engaged agents: A. are properly licensed in the lines of insurance in which they do business; B. promptly remit all p…

2795.1000 HIGH STANDARDS OF COMMERCIAL HONOR. Every agent must observe high standards of commercial honor and just and equitable principles of trade in the conduct of the agent's insurance business. Statutory Authority: MS s 60A.17 History: 9 SR 175 Published Electronically: Sept…

2795.1100 REGISTERED OFFICE FOR RESIDENT AGENTS. Every agent who is licensed as a resident agent must maintain a registered office for service of process in this state. The address of the office must be specified on all license applications and renewal applications. Statutory Aut…

2795.1200 LICENSE DISPLAY AND USE. A license must be displayed in the licensee's office in a place where it can readily be viewed and inspected. Any written or oral advertisement or representation which refers to licensing, used by a licensee, must contain a disclaimer that the r…

2795.1300 RECEIPT OF CLIENT FUNDS. An agent who receives funds from a client in connection with an insurance transaction receives and holds those funds in a fiduciary capacity. An agent holding funds of a client must, each month, provide to the client an itemized statement showin…

2795.1400 MANDATORY FINANCIAL RECORDS. Subpart 1. Type of records. Every agent and agency must keep a record of all funds received for or from clients, including cash, notes, savings certificates, uncashed or uncollected checks, or other similar instruments. Insurers represented …

2795.1500 MANDATORY COMPLAINT RECORDS. Every agent and agency must compile and maintain a separate complaint file for each agent against whom a complaint, grievance, or allegation is made. The file must contain all written notes, reports, correspondence, or other documents made o…

2795.1600 TERMINATION OF APPOINTMENTS OR CONTRACTS. An insurer or agency which terminates an agent's appointment, or its contract or association with an agent based entirely or in part on a complaint or alleged violation of law, or with knowledge of an alleged violation of law, i…

2795.1700 REFUNDS. An agent who receives a request for cancellation of a policy must make the refund or initiate the refund procedures with the insurer, within ten days of the agent's receipt of the request. An agent who receives a refund from an insurer for the account of, or fo…

2795.1800 INSURANCE IN CONNECTION WITH LOAN. No agent shall misrepresent the necessity for obtaining insurance in connection with a loan, nor the terms of such insurance. Statutory Authority: MS s 60A.17 History: 9 SR 175 Published Electronically: September 14, 2007

2795.1900 PENALTIES. Violations of this chapter subject the violator to the penalties described in Minnesota Statutes, sections 72A.22 to 72A.29. Statutory Authority: MS s 60A.17 History: 9 SR 175 Published Electronically: September 14, 2007

2800.3100 [Renumbered 2805.0500] Published Electronically: August 17, 2004

2800.3200 [Renumbered 2805.0600] Published Electronically: August 17, 2004

2800.3300 [Renumbered 2805.0700] Published Electronically: August 17, 2004

2800.3400 [Renumbered 2805.0800] Published Electronically: August 17, 2004

2800.3500 [Renumbered 2805.0900] Published Electronically: August 17, 2004

2800.3600 [Renumbered 2805.1000] Published Electronically: August 17, 2004

2800.3700 [Renumbered 2805.1100] Published Electronically: August 17, 2004

2800.3800 [Renumbered 2805.1200] Published Electronically: August 17, 2004

2800.3900 [Renumbered 2805.1300] Published Electronically: August 17, 2004

2800.4000 [Renumbered 2805.1400] Published Electronically: August 17, 2004