Title Minnesota Statutes, Minnesota Statutes

60A.136 ACQUISITIONS AND DISPOSITIONS OF ASSETS. § Subdivision 1.Materiality. No acquisitions or dispositions of assets need be reported pursuant to section 60A.135 if the acquisitions or dispositions are not material. For purposes of sections 60A.135 to 60A.137, a material acqui…

60A.137 NONRENEWALS, CANCELLATIONS, OR REVISIONS OF CEDED REINSURANCE AGREEMENTS. § Subdivision 1.Materiality. (a) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to section 60A.135 if the nonrenewals, cancellations, or revisi…

60A.139 ELECTRONIC NOTICES AND DOCUMENTS. § Subdivision 1.Terms defined. In this section, the following words have the meanings given them: (1) "delivered by electronic means" includes: (i) delivery to an email address at which a party has consented to receive notices or document…

60A.1391 CORPORATE GOVERNANCE ANNUAL DISCLOSURE. § Subdivision 1.Scope. (a) Nothing in this section shall be construed to prescribe or impose corporate governance standards and internal procedure beyond that which is required under applicable state corporate law. Nothing in this …

60A.14 FEES. § Subdivision 1.Fees other than examination fees. In addition to the fees and charges provided for examinations, the following fees must be paid to the commissioner for deposit in the general fund: (a) by township mutual fire insurance companies: (1) for filing certi…

60A.16 MERGERS AND CONSOLIDATIONS. § Subdivision 1.Scope. (1) Domestic insurance corporations. Any two or more domestic insurance corporations, formed for any of the purposes for which stock, mutual, or stock and mutual insurance corporations, or reciprocal or interinsurance cont…

60A.161 INSURER DOMESTICATION AND CONVERSION. § Subdivision 1.Approval as a domestic insurer. Any insurer that is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer of this st…

60A.171 REHABILITATION AND CANCELLATION OF INDEPENDENT AGENT CONTRACTS BY INSURANCE COMPANIES. § Subdivision 1.Termination rights and obligations. (a) After an agency contractual relationship has been in effect for a period of three years, an insurance company writing fire or cas…

60A.172 INSURANCE AGENCY CONTRACTS; CANCELLATION. (a) An insurer may not cancel a written agreement with an agent or reduce or restrict an agent's underwriting authority with respect to property or casualty insurance, based solely on the loss ratio experience on that agent's book…

60A.173 EFFECTIVE DATE. Section 60A.172 is effective January 1, 1987, and applies to cancellations begun as of that date. As a condition of doing business in the state of Minnesota, an insurer shall promptly reinstate any agreements canceled under section 60A.172 and shall restor…

60A.174 SEVERABILITY. If section 60A.173 is determined by a final, nonappealable order of any Minnesota or federal court of competent jurisdiction to be invalid or unconstitutional, section 60A.172 is effective May 29, 1987. History: 1987 c 288 s 3

60A.175 AGENT COMMISSIONS. (a) An insurer that cancels a written agreement with an agent under section 60A.171 or 60A.172 or cancels a line of business sold by the agent must pay to the agent all commissions, bonuses, and other compensation earned by that agent prior to or after …

60A.1755 AGENT ERRORS AND OMISSIONS INSURANCE; CHOICE OF SOURCE. An insurance company shall not require an insurance agent to maintain insurance coverage for the agent's errors and omissions from a specific insurance company. This section does not apply if the insurance producer …

60A.176 DEFINITIONS. § Subdivision 1.Application. The definitions in this section apply to this section and section 60A.177. § Subd. 2. [Repealed, 1991 c 207 s 8] § Subd. 3.Agent. "Agent" means an agent who is not an employee of the insurer, who has an agency contractual relation…

60A.177 INVOLUNTARY TERMINATION OF AN AGENT BY THE INSURER. § Subdivision 1.Termination review process. An insurer shall establish a termination review process for an agent involuntarily terminated by the insurer. The review process is available for use at the option of the agent…

60A.178 LIFE OR HEALTH INSURANCE SALES QUOTAS. No insurer, its officers, or managers shall require licensed property and casualty agents to sell a specified number of life or health insurance policies or a specified dollar amount of life and health insurance as a condition of sel…

60A.179 LIFE OR HEALTH INSURANCE SALES QUOTAS FOR EXCLUSIVE AGENTS. § Subdivision 1.Application. This section applies to licensed insurance agents as defined by section 60A.176. § Subd. 2.Prohibited practice. No insurer shall require an agent who has been licensed as an agent thr…

60A.19 FOREIGN COMPANIES. § Subdivision 1.Requirements. Any insurance company of another state, upon compliance with all laws governing such corporations in general and with the foregoing provisions so far as applicable and the following requirements, shall be admitted to do busi…

60A.195 CITATION. Sections 60A.195 to 60A.209 shall be known and may be cited as the "Minnesota Surplus Lines Insurance Act." History: 1981 c 221 s 1

60A.196 DEFINITIONS. Unless the context otherwise requires, the following terms have the meanings given them for the purposes of sections 60A.195 to 60A.209: (a) "Affiliated group" means a group which includes the insured and any entity, or group of entities, that controls, is co…

60A.197 RATES AND FORMS. (a) Rates used by eligible and ineligible surplus lines insurers shall not be subject to the insurance laws except that a rate shall not be unfairly discriminatory. (b) Forms used by eligible and ineligible surplus lines insurers pursuant to sections 60A.…

60A.198 TRANSACTION OF NONADMITTED INSURANCE. § Subdivision 1.License required. A person, as defined in section 60A.02, subdivision 7, shall not act in any other manner as an agent or broker in the transaction of nonadmitted insurance unless licensed under sections 60A.195 to 60A…

60A.199 EXAMINATIONS. § Subdivision 1.Examination of books and records. If the commissioner considers it necessary, the commissioner may examine the books and records of a surplus lines broker to determine whether the broker is conducting business in accordance with sections 60A.…

60A.201 PLACEMENT OF INSURANCE BY BROKER. § Subdivision 1.Restrictions. Insurance shall not be placed by the surplus lines broker with a nonadmitted insurer when coverage is available from a licensed insurer. § Subd. 2.Availability of other coverage; presumption. There shall be a…

60A.202 EVIDENCE OF PLACEMENT OF INSURANCE BY BROKER. § Subdivision 1.Restriction. Only a surplus lines broker shall issue evidence of placement of insurance with a nonadmitted insurer. § Subd. 2.Written communication of coverage to be delivered. A broker shall, within seven work…

60A.203 RETENTION OF RECORDS. Each surplus lines broker shall keep a separate account of each transaction entered into pursuant to sections 60A.195 to 60A.209. Evidence of these transactions shall be documented in the form and manner designated by the commissioner and retained by…

60A.204 FEES AND COMMISSIONS. § Subdivision 1. [Repealed by amendment, 2010 c 384 s 6] § Subd. 2.Regulation of fees and commissions. A surplus lines broker may charge a fee and commission, in addition to the premium, that is not excessive or discriminatory. The broker shall maint…

60A.205 COMPENSATION. § Subdivision 1.Authorization. A surplus lines broker may be compensated by an eligible surplus lines insurer and the broker may compensate a licensed agent in this state for obtaining nonadmitted insurance business. A licensed agent authorized by the broker…

60A.206 QUALIFICATION AS ELIGIBLE SURPLUS LINES INSURER. § Subdivision 1.Insurers to be recognized by commissioner. A surplus lines broker shall place nonadmitted insurance only with insurers which are in a stable and unimpaired financial condition. An insurer recognized by the c…

60A.207 POLICIES TO INCLUDE NOTICE. Each policy, cover note, or instrument evidencing nonadmitted insurance from an eligible surplus lines insurer which is delivered to an insured or a representative of an insured shall have printed, typed, or stamped upon its face in not less th…

60A.208 BROKER ASSOCIATION. § Subdivision 1.Broker's right to associate. Surplus lines brokers may associate and the commissioner may register the association for one or more of the following purposes: (a) advising the commissioner as to the availability of nonadmitted insurance …

60A.2085 SURPLUS LINES ASSOCIATION OF MINNESOTA. § Subdivision 1.Association created; duties. There is hereby created a nonprofit association to be known as the Surplus Lines Association of Minnesota. The association is not a state agency for purposes of chapter 16A, 16B, 16C, or…

60A.2086 LICENSEE'S DUTY TO SUBMIT DOCUMENTS; PENALTY. § Subdivision 1.Submission of documents to Surplus Lines Association of Minnesota; certification. (a) A surplus lines broker shall submit every insurance policy or contract issued under the broker's license to the Surplus Lin…

60A.209 INSURANCE PROCURED FROM INELIGIBLE INSURERS. § Subdivision 1.Authorization; regulation. A resident of this state may obtain insurance from an ineligible surplus lines insurer in this state through a surplus lines broker. The broker shall first attempt to place the insuran…

60A.2095 CONSTRUCTION. Nothing in sections 60A.195 to 60A.209 shall be construed to permit the state to impose requirements beyond those granted by the Liability Risk Retention Act, Public Law 99-563. History: 1987 c 337 s 13

60A.21 UNAUTHORIZED INSURERS PROCESS ACT. § Subdivision 1.Purpose. The purpose of the Unauthorized Insurers Process Act is to subject certain insurers to the jurisdiction of courts of this state in suits by or on behalf of insureds or beneficiaries under insurance contracts. The …

60A.22 SPECIAL PROVISIONS AS TO STOCK COMPANIES; STOCKHOLDERS, OFFICERS, DIRECTORS AND INVESTORS. § Subdivision 1.Shareholders' rights. (1) If an insurance corporation has given notice to shareholders of a proposal to amend the articles of incorporation, which proposed amendment …

60A.23 MISCELLANEOUS. § Subdivision 1.Liability of directors and officers generally. If a company be at any time under liability for losses exceeding its net assets, and the president and directors, or any of them, knowing it, directly or indirectly, issue or consent to the issue…

60A.235 STANDARDS FOR DETERMINING WHETHER CONTRACTS ARE HEALTH PLAN CONTRACTS OR STOP LOSS CONTRACTS. § Subdivision 1.Findings and purpose. The purpose of this section is to establish a standard for the determination of whether an insurance policy or other evidence or coverage sh…

60A.236 STOP LOSS REGULATION; SMALL EMPLOYER COVERAGE. A contract providing stop loss coverage, issued or renewed to a small employer, as defined in section 62L.02, subdivision 26, or to a plan sponsored by a small employer, must include a claim settlement period no less favorabl…

60A.24 EXEMPTIONS FROM INSURANCE LAWS OF THIS STATE. The following are exempt from all insurance laws of the state: All organizations listed in section 64B.38 of the laws relating to fraternal benefit societies. History: 1967 c 395 art 1 s 24; 1985 c 49 s 41; 1992 c 564 art 1 s 5…

60A.25 INSOLVENT COMPANIES. § Subdivision 1.Notification of policyholders. Whenever any foreign or domestic insurance company authorized to transact the business of insurance in Minnesota is adjudicated insolvent, or whenever its policies are declared null and void by court order…

60A.26 SUSPENSION OF INSURERS; NOTIFICATIONS AND REPORTS. § Subdivision 1.Other states. The commissioner of commerce shall notify the insurance departments of all other states whenever, under any law then in effect, the commissioner suspends the right of a foreign or domestic ins…

60A.27 DISCIPLINE OF INSURER BY ANOTHER STATE; NOTICE TO COMMISSIONER. § Subdivision 1.Requirement. An insurance company licensed to transact business in this state is hereby required to notify the commissioner of commerce within ten business days of the happening of any one or m…

60A.28 DOCUMENTS FILED WITH COMMISSIONER, VERIFICATION. The commissioner of commerce may require that any document required by law to be filed with the commissioner, be accompanied by a sworn verification of its contents by a responsible officer of the corporation filing it. The …

60A.29 NONPROFIT RISK INDEMNIFICATION TRUST ACT. § Subdivision 1.Title. This section may be cited as the "Nonprofit Risk Indemnification Trust Act." § Subd. 2.Purpose. The purpose of this section is to authorize the establishment of trust funds for the purpose of indemnifying non…