Title Minnesota Statutes, Minnesota Statutes

60A.032 COMMISSIONER'S ORDERS, REPORT. When, upon receipt of an examination report, the commissioner forwards to the company an order based on the report, the commissioner shall immediately report the fact to the governor and the attorney general. Within 20 days after submission …

60A.033 SCHEDULING CONFERENCE AND ORDER. § Subdivision 1.Scope. This section applies to examinations limited to market analysis, as defined in section 60A.031, subdivision 4, paragraph (f). § Subd. 2.Scheduling conference required. Within 30 days of issuing an examination order u…

60A.035 GOVERNMENT CONTROLLED OR OWNED COMPANY PROHIBITED FROM TRANSACTING BUSINESS. (a) No insurance company the voting control or ownership of which is held in whole or substantial part by any government or governmental agency or entity having a tax exemption under section 501(…

60A.052 CERTIFICATES OF AUTHORITY; ENFORCEMENT ACTIONS. § Subdivision 1.Grounds. The commissioner may by order take any or all of the following actions: (a) deny, suspend, or revoke a certificate of authority; (b) censure the insurance company; (c) impose a civil penalty as provi…

60A.06 KINDS OF INSURANCE PERMITTED. § Subdivision 1.Statutory lines. Insurance corporations may be authorized to transact in any state or territory in the United States, in the Dominion of Canada, and in foreign countries, when specified in their charters or certificates of inco…

60A.07 AUTHORIZATION AND REQUIREMENTS. § Subdivision 1.Incorporation. Three or more persons may form a domestic insurance corporation for any of the purposes specified in subdivision 2 by applying to the Department of Commerce and complying with all applicable organizational requ…

60A.078 SHORT TITLE. Sections 60A.078 to 60A.0789 may be cited as the "Insurable Interest Act." History: 2009 c 52 s 1

60A.0782 DEFINITIONS. § Subdivision 1.Terms. For the purpose of sections 60A.078 to 60A.0789, unless the context clearly indicates otherwise, the terms in this section have the meanings given them. § Subd. 2.Act. "Act" means sections 60A.078 to 60A.0789. § Subd. 3.Business entity…

60A.0783 INSURABLE INTEREST REQUIRED. § Subdivision 1.Insurance on life of another. A person may not procure or cause to be procured or effected a policy upon the life of another individual unless the benefits under the policy are payable to the insured, the personal representati…

60A.0784 PROHIBITED PRACTICES. It is unlawful for any person to: (1) procure or cause to be procured or effected a policy in violation of section 60A.0783; (2) engage in STOLI practices or otherwise wager on life; (3) solicit, market, or otherwise promote the purchase of a policy…

60A.0785 PROHIBITION; ENTRY INTO SETTLEMENT CONTRACTS. § Subdivision 1.Prohibition. No prospective purchaser of the policy or beneficial interest in the policy shall, at any time prior to issuance of a policy, or during a four-year period commencing with the date of issuance of t…

60A.0786 PRESUMPTION OF STOLI PRACTICES. § Subdivision 1.Presumption of STOLI practices. A settlement contract, or any agreement the effect of which is to sell or acquire the policy or a beneficial interest in the policy, entered into within the four-year period commencing with t…

60A.0787 PROCESSING CHANGE OF OWNERSHIP OR BENEFICIARY REQUESTS. § Subdivision 1.Obligation to process change of ownership or beneficiary requests. Upon receipt of a properly completed request for change of ownership or beneficiary of a policy and, if applicable, the completed qu…

60A.0788 FRAUDULENT ACTS. § Subdivision 1.Fraudulent acts. A person who commits a fraudulent act as defined in this section commits insurance fraud and may be sentenced under section 609.611, subdivision 3. § Subd. 2.List of fraudulent acts. All of the following acts are fraudule…

60A.0789 REMEDIES. § Subdivision 1.Actions to recover death benefits. (a) If the beneficiary, assignee, or other payee receives the death benefits under a life insurance policy initiated by STOLI practices or a policy procured or effected in violation of section 60A.0783 or secti…

60A.08 CONTRACTS OF INSURANCE. § Subdivision 1.Policy to contain entire contract. A statement in full of the conditions of insurance shall be incorporated in or attached to every policy, and neither the application of the insured nor the bylaws of the company shall be considered …

60A.081 AIRCRAFT INSURANCE. § Subdivision 1.Compliance exclusions prohibited; exception. (a) No policy of insurance issued or delivered in this state covering any loss, damage, expense, or liability arising out of the ownership, maintenance, or use of an aircraft, shall exclude o…

60A.0811 BREACH OF INSURANCE POLICY; RECOVERY OF INTEREST. § Subdivision 1.Definitions. For purposes of this section: (1) "insurance policy" means a commercial or professional insurance policy or contract other than: (i) a workers' compensation insurance policy or contract; (ii) …

60A.0812 PROPERTY AND CASUALTY POLICY EXCLUSIONS. § Subdivision 1.Short title. This section may be cited as the "Family Protection Act." § Subd. 2.Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) "Boat" means a motorized or nonmotori…

60A.082 GROUP INSURANCE; BENEFITS CONTINUED IF INSURER CHANGED. A person covered under group life, group accidental death and dismemberment, group disability income or group medical expense insurance, shall not be denied benefits to which the person is otherwise entitled solely b…

60A.084 NOTIFICATION ON GROUP POLICIES. An employer providing life or health benefits may not change benefits, limit coverage, or otherwise restrict participation until the certificate holder or enrollee has been notified of any changes, limitations, or restrictions. Notice in a …

60A.085 CANCELLATION OF GROUP COVERAGE; NOTIFICATION TO COVERED PERSONS. (a) No cancellation of any group life, group accidental death and dismemberment, group disability income, or group medical expense policy, plan, or contract regulated under chapter 62A or 62C is effective un…

60A.086 RETROACTIVE TERMINATION OF COVERAGE UNDER GROUP POLICIES PROHIBITED. § Subdivision 1.Applicability. This section applies to: (1) health plans as defined in section 62A.011, issued to groups; (2) group accident and health insurance; (3) group life insurance; (4) group acci…

60A.09 LIMITS OF RISK; REINSURANCE. § Subdivision 1.Maximum risk. No company other than a company authorized to transact the kind of business specified in section 60A.06, subdivision 1, clause (7), shall insure or reinsure in a single risk a larger sum than one-tenth of its net a…

60A.091 DEFINITION; QUALIFIED UNITED STATES FINANCIAL INSTITUTION. For purposes of sections 60A.092 and 60A.093, "qualified United States financial institution" means an institution that: (1) is organized or, in the case of a United States office of a foreign banking organization…

60A.092 REINSURANCE CREDIT ALLOWED A DOMESTIC CEDING INSURER. § Subdivision 1.Credit allowed. Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a deduction from liability on account of reinsurance ceded only when the reinsurance is ceded to a…

60A.0921 CREDIT FOR REINSURANCE; CERTIFIED REINSURERS. § Subdivision 1.Certified reinsurers; credit allowed. (a) Credit for reinsurance shall be allowed from a domestic ceding insurer to an assuming insurer that has been certified as a reinsurer in this state at all times for whi…

60A.093 REDUCTION FROM LIABILITY FOR REINSURANCE CEDED BY A DOMESTIC INSURER; COLLATERAL REQUIREMENTS. § Subdivision 1.Reduction allowed. A reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 60A.092 …

60A.094 RULES. The commissioner may adopt rules implementing the provisions of sections 60A.091 to 60A.093. History: 1991 c 325 art 1 s 14

60A.095 REINSURANCE AGREEMENTS AFFECTED. Sections 60A.091 to 60A.093 apply to all cessions after July 1, 1991, under reinsurance agreements that have had an inception, anniversary, or renewal date not less than six months after July 1, 1991. History: 1991 c 325 art 1 s 15

60A.096 QUALIFYING LETTER OF CREDIT. § Subdivision 1.Generally. An admitted asset or a reduction in liability for reinsurance ceded to an unauthorized assuming insurer providing a letter of credit pursuant to section 60A.093 shall only be allowed when the letter of credit meets t…

60A.097 QUALIFYING TRUST AGREEMENTS. § Subdivision 1.Requirements. An admitted asset or a reduction in liability for reinsurance ceded to an unauthorized assuming insurer providing a trust fund pursuant to section 60A.093 shall only be allowed if the requirements of this section …

60A.10 DEPOSITS FOR PROTECTION OF POLICYHOLDERS. § Subdivision 1.Domestic companies. (1) Deposit as security for all policyholders required. No company in this state, other than farmers' mutual, or real estate title insurers, shall do business in this state unless it has on depos…

60A.11 INVESTMENTS PERMITTED FOR DOMESTIC COMPANIES. § Subdivision 1.Requirement for payment of capital stock. The capital of every stock company shall be paid in full, in cash, within six months from the date of its certificate of incorporation, and thereupon a majority of the d…

60A.112 INVESTMENT POLICY REQUIRED. Each domestic company must have a written investment policy, designed to provide guidance for investment decisions by management. The policy must be approved by its board of directors. The policy must be reviewed by the company's board of direc…

60A.12 ASSETS AND LIABILITIES. § Subdivision 1. [Repealed, 2000 c 350 s 16] § Subd. 2. [Repealed, 1991 c 325 art 8 s 18] § Subd. 3. [Repealed, 2000 c 350 s 16] § Subd. 4. [Repealed, 2000 c 350 s 16] § Subd. 5.Loss reserves. When, in the judgment of the commissioner, the loss rese…

60A.121 VALUATIONS; DEFINITIONS. § Subdivision 1.Application. The definitions in this section apply to sections 60A.121 to 60A.127. § Subd. 2.Commercial mortgage loan. "Commercial mortgage loan" means a loan by an insurer secured by a mortgage on commercial real estate. "Commerci…

60A.122 REQUIRED WRITTEN PROCEDURES FOR VALUATIONS. An insurer shall establish written procedures, approved by the company's board of directors, for the valuation of commercial mortgage loans and real estate owned. The procedures must be made available to the commissioner upon re…

60A.123 VALUATION PROCEDURE. § Subdivision 1.Requirement. An insurer shall value its commercial mortgage loans and real estate acquired through foreclosure of commercial mortgage loans as provided in this section for the purpose of establishing a valuation allowance or fair value…

60A.124 INDEPENDENT AUDIT. The audit report of the independent certified public accountant that performs the audit of an insurer's annual statement as required under section 60A.1291, subdivision 2, should contain a statement as to whether anything, in connection with their audit…

60A.125 APPRAISAL BY INDEPENDENT APPRAISER. § Subdivision 1.Mortgage loans in the process of foreclosure. An insurer may rely upon an appraisal by an independent appraiser to determine the carrying value of mortgage loans in the process of foreclosure only if the date of the appr…

60A.126 REPORTS TO BOARD; VALUATIONS. The management of the insurer shall make periodic reports, at least annually, to its board of directors, or an appropriate committee of the board, as to the application of the insurer's valuation procedures adopted under sections 60A.121 to 6…

60A.127 INDEPENDENT APPRAISALS OF CERTAIN PROPERTIES. § Subdivision 1.Random sample appraisal requirement. Each domestic insurer that does not obtain independent appraisals of all distressed, delinquent, and restructured mortgage loans and use such appraisals to determine the car…

60A.1285 OTHER IMPAIRMENTS. If distressed or delinquent mortgage loans being valued according to section 60A.123, subdivisions 3 and 4, are determined to be permanently impaired, a direct write-down must be recognized as a realized loss, and a new cost basis established. History:…

60A.1291 ANNUAL AUDIT. § Subdivision 1.Definitions. The definitions in this subdivision apply to this section. (a) "Accountant" and "independent public accountant" mean an independent certified public accountant or accounting firm in good standing with the American Institute of C…

60A.1295 ACTUARIAL OPINION OF RESERVES AND SUPPORTING DOCUMENTATION. § Subdivision 1.Statement of actuarial opinion. Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall annually submit the op…