Title Minnesota Statutes, Minnesota Statutes

60A.351 RENEWAL OF INSURANCE POLICY WITH ALTERED RATES. If an insurance company licensed to do business in this state offers or purports to offer to renew any commercial liability and/or property insurance policy at less favorable terms as to the dollar amount of coverage or dedu…

60A.352 WORKERS' COMPENSATION INSURANCE. In addition to the requirements of Minnesota Statutes 1984, section 176.185, subdivision 1, a policy of insurance issued to cover the liability to pay compensation under Minnesota Statutes 1984, chapter 176, shall comply with sections 60A.…

60A.36 MIDTERM CANCELLATION. § Subdivision 1.Reason for cancellation. No insurer may cancel a policy of commercial liability and/or property insurance during the term of the policy, except for one or more of the following reasons: (1) nonpayment of premium; (2) misrepresentation …

60A.37 NONRENEWAL. § Subdivision 1.Notice required. At least 60 days before the date of expiration provided in the policy, a notice of intention not to renew the policy beyond the agreed expiration date must be made to the policyholder by the insurer. If the notice is not given a…

60A.38 INTERPRETATION AND PENALTIES. § Subdivision 1.Sections not exclusive. Sections 60A.35 to 60A.38 are not exclusive, and the commissioner may also consider other provisions of Minnesota law to be applicable to the circumstances or situations addressed by sections 60A.35 to 6…

60A.39 CERTIFICATES OF INSURANCE. § Subdivision 1.Issuance. A licensed insurer or insurance producer may provide to a third party a certificate of insurance which documents insurance coverage. For the purposes of this chapter, a certificate of insurance is a document that provide…

60A.41 SUBROGATION AGAINST INSUREDS PROHIBITED. (a) An insurance company providing insurance coverage or its reinsurer for that underlying insurance coverage may not proceed against its insured in a subrogation action where the loss was caused by the nonintentional acts of the in…

60A.42 DISABILITY INCOME COVERAGE; PROHIBITED PROVISION. No policy, contract, certificate, or agreement offered or issued in this state providing for disability income protection coverage may contain a provision purporting to reserve discretion to the insurer to interpret the ter…

60A.43 DISABILITY INCOME COVERAGE; DISCLOSURE. (a) No contract or policy of long-term disability insurance that limits the duration of coverage for mental health or substance use disorders shall be offered in this state without a disclosure, provided at the time of application, t…

60A.50 DEFINITIONS. § Subdivision 1.Scope. For purposes of sections 60A.50 to 60A.592, the terms in subdivisions 2 to 13 have the meanings given them. § Subd. 2.Adjusted RBC report. "Adjusted RBC report" means an RBC report which has been adjusted by the commissioner in accordanc…

60A.51 RBC REPORTS. § Subdivision 1.Submissions. A domestic health organization shall, on or before each April 1, prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by …

60A.52 COMPANY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Company action level event" means the following events: (1) the filing of an RBC report by a health organization that indicates that the health organization's total adjusted capital is greater than or equal to its re…

60A.53 REGULATORY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Regulatory action level event" means, with respect to a health organization, any of the following events: (1) the filing of an RBC report by the health organization that indicates that the health organization's to…

60A.54 AUTHORIZED CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Authorized control level event" means any of the following events: (1) the filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than o…

60A.55 MANDATORY CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Mandatory control level event" means any of the following events: (1) the filing of an RBC report which indicates that the health organization's total adjusted capital is less than its mandatory control level RBC;…

60A.56 HEARINGS. Upon the occurrence of any of the following events, the health organization has the right to a confidential departmental hearing, on a record, at which the health organization may challenge any determination or action by the commissioner. The health organization …

60A.57 ACCESS TO AND USE OF RBC INFORMATION. § Subdivision 1.Confidentiality; prohibition on announcements. Section 60A.67, subdivisions 1 and 2, apply to sections 60A.50 to 60A.592. § Subd. 2.Prohibition for rate making or premium setting. The RBC instructions, RBC reports, adju…

60A.58 SUPPLEMENTAL PROVISIONS. § Subdivision 1.Effect. Sections 60A.50 to 60A.592 are supplemental to any other provisions of the laws of this state, and must not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, cha…

60A.59 FOREIGN HEALTH ORGANIZATIONS. § Subdivision 1.RBC report. (a) A foreign health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of: (1) the date an RBC report …

60A.591 IMMUNITY. There is no liability on the part of, and no cause of action arises against, the commissioner or the department or its employees or agents for any action taken by them in the performance of their powers and duties under sections 60A.50 to 60A.592. History: 2004 …

60A.592 NOTICES. All notices by the commissioner to a health organization that may result in regulatory action under sections 60A.50 to 60A.592 are effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission are effective upon …

60A.60 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 60A.60 to 60A.696, the terms defined in this section have the meanings given them. § Subd. 2.Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has…

60A.61 RISK-BASED CAPITAL REPORTS. § Subdivision 1.General requirements. Every domestic insurer shall, on or before each March 1, prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containi…

60A.62 COMPANY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Company action level event" means any of the following events: (1) the filing of a risk-based capital report by an insurer which indicates that: (i) the insurer's total adjusted capital is greater than or equal to it…

60A.63 REGULATORY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Regulatory action level event" means, with respect to an insurer, any of the following events: (1) the filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital …

60A.64 AUTHORIZED CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Authorized control level event" means any of the following events: (1) the filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to…

60A.65 MANDATORY CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Mandatory control level event" means any of the following events: (1) the filing of a risk-based capital report that indicates that the insurer's total adjusted capital is less than its mandatory control level ris…

60A.66 HEARINGS. Upon: (1) notification to an insurer by the commissioner of an adjusted risk-based report; (2) notification to an insurer by the commissioner that: (i) the insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and (ii) the notifi…

60A.67 CONFIDENTIALITY. § Subdivision 1.Generally. All risk-based capital reports, to the extent the information in them is not required to be set forth in a publicly available annual statement schedule, and risk-based capital plans, including the results or report of an examinat…

60A.68 SUPPLEMENTAL PROVISIONS; RULES; EXEMPTION. (a) Sections 60A.60 to 60A.696 are supplemental to other laws of this state and do not preclude or limit other powers or duties of the commissioner under those laws, including, but not limited to, chapters 60B and 60G. (b) The com…

60A.69 FOREIGN INSURERS. § Subdivision 1.Reporting requirements. A foreign insurer shall, upon the written request of the commissioner, submit to the commissioner a risk-based capital report as of the end of the calendar year just ended not later than the later of: (1) the date a…

60A.695 IMMUNITY. There is no liability on the part of, and no cause of action arises against, the commissioner or the commerce department or its employees or agents for an action taken by them in the performance of their powers and duties under sections 60A.60 to 60A.696. Histor…

60A.696 NOTICES. All notices by the commissioner to an insurer that may result in regulatory action under sections 60A.60 to 60A.696 are effective upon dispatch if transmitted by registered or certified mail, or in the case of other transmission is effective upon the insurer's re…

60A.70 TITLE. Sections 60A.70 to 60A.756 may be cited as the "Reinsurance Intermediary Act." History: 1991 c 325 art 11 s 1

60A.705 DEFINITIONS. § Subdivision 1.Terms. For purposes of sections 60A.70 to 60A.756, the terms defined in this section have the meanings given them. § Subd. 2.Actuary. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. § Subd. 3.Con…

60A.71 LICENSURE. § Subdivision 1.Reinsurance intermediary-broker requirements. No person, firm, association, or corporation shall act as an RB in this state if the RB maintains an office either directly or as a member or employee of a firm or association, or an officer, director…

60A.715 REQUIRED CONTRACT PROVISIONS; REINSURANCE INTERMEDIARY-BROKERS. Transactions between an RB and the insurer it represents in this capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization must,…

60A.72 BOOKS AND RECORDS; REINSURANCE INTERMEDIARY-BROKERS. § Subdivision 1.Records of transactions. For at least ten years after expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing: (1) the type of cont…

60A.725 DUTIES OF INSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-BROKER. (a) An insurer shall not engage the services of a person, firm, association, or corporation to act as an RB on its behalf unless the person is licensed as required by section 60A.71, subdivisi…

60A.73 REQUIRED CONTRACT PROVISIONS; REINSURANCE INTERMEDIARY-MANAGERS. § Subdivision 1.Approval by commissioner. Transactions between an RM and the reinsurer it represents in this capacity must only be entered into pursuant to a written contract, specifying the responsibilities …

60A.735 PROHIBITED ACTS. The RM shall not: (1) cede retrocessions on behalf of the reinsurer, except that the RM may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for th…

60A.74 DUTIES OF REINSURER UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-MANAGER. § Subdivision 1.Licensed persons to be used. A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless the person is lice…

60A.745 EXAMINATION AUTHORITY; REINSURANCE INTERMEDIARY - BROKER. (a) A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the comm…

60A.75 VIOLATIONS. § Subdivision 1.Administrative and civil penalties and liabilities. A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with chapter 14, to be in violation of any provision of sections 60A.70 to 6…

60A.755 SCOPE. Nothing contained in sections 60A.70 to 60A.756 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to these persons. History: 1991 c 325 art 11 s 12

60A.756 RULES. The commissioner may adopt rules for the implementation and administration of sections 60A.70 to 60A.756. History: 1991 c 325 art 11 s 13