Title Minnesota Statutes, Minnesota Statutes

60C.05 POWERS AND DUTIES. § Subdivision 1.Required duties. The association shall: (a) Be deemed the insurer to the extent of its obligation on the covered claims and have the right to pursue and retain salvage and subrogation recoverables on covered claim obligations to the exten…

60C.06 ASSESSMENTS. § Subdivision 1.Determination of amount. The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year on the kinds of insurance in the account bear to the net direc…

60C.07 PLAN OF OPERATION. § Subdivision 1.Required submission. The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operat…

60C.08 BOARD OF DIRECTORS. § Subdivision 1.Composition. The board of directors of the association shall consist of nine persons. Two of the directors shall be public members and seven shall be insurer members. The public members shall be appointed by the commissioner. Public memb…

60C.09 COVERED CLAIMS. § Subdivision 1.Definition. A covered claim is any unpaid claim, including one for unearned premium, which: (a) arises out of and is within the coverage of an insurance policy issued by a member insurer if the insurer becomes an insolvent insurer after Apri…

60C.10 EVALUATION OF CLAIMS. § Subdivision 1.Board to determine. The board shall determine whether claims submitted for payment are covered claims. § Subd. 2. [Repealed, 1981 c 260 s 4] § Subd. 3.Claim denial; notification of appeal and review rights. If the board finds that a cl…

60C.11 EFFECT OF PAID CLAIMS. § Subdivision 1.Assignment upon recovery. The rights under the policy of a person recovering under this chapter shall be deemed to have been assigned by the person to the association to the extent of the recovery. § Subd. 2.Required cooperation. Ever…

60C.12 APPEAL AND REVIEW. § Subdivision 1.Appeal. A claimant whose claim has been declared to be not covered or reduced by the board under section 60C.10 may appeal to the board within 30 days after the claimant has been notified of the board's decision and of the rights of the c…

60C.13 EXHAUSTION OF OTHER COVERAGE. § Subdivision 1.Other policy coverage. Any person having a claim under another policy whether or not the policy is a policy of a member insurer, which claim arises out of the same facts which give rise to the covered claim, shall be first requ…

60C.14 DUTIES AND POWERS OF COMMISSIONER. § Subdivision 1.Mandatory powers and duties. The commissioner shall: (a) Notify the association of the issuance of any order of liquidation of a member insurer not later than three days after the commissioner has knowledge of the issuance…

60C.15 PREVENTION OF INSOLVENCIES. To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may upon majority vote make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency. (2) The bo…

60C.16 EXAMINATION OF ASSOCIATION. The association is subject to examination and regulation by the commissioner. The board of directors shall submit each year a financial report for the preceding calendar year in a form approved by the commissioner. History: 1971 c 145 s 16; 2003…

60C.17 TAX EXEMPTION. The association is exempt from payment of all taxes imposed under chapter 297I and all fees and all other taxes levied by this state or any of its subdivisions except taxes levied on real or personal property. History: 1971 c 145 s 17; 2000 c 394 art 2 s 9

60C.18 RECOGNITION OF ASSESSMENTS IN RATES. § Subdivision 1.Recognition required. The rates and premiums charged for insurance policies and fidelity and surety bonds to which this chapter applies may include amounts sufficient to recoup a sum equal to the amounts paid to the asso…

60C.19 IMMUNITY. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or a person serving as an alternative or substitute representative of a dir…

60C.195 STAY OF PROCEEDINGS. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in a court in this state shall, subject to waiver by the association in specific cases involving covered claims, be stayed for six months and additional time t…

60C.20 UNFAIR TRADE PRACTICES. It is an unfair trade practice, subject to regulation under sections 72A.17 through 72A.32, for any insurer or agent to make use in any manner of the protection given policyholders by this chapter as a reason for buying insurance. History: 1971 c 14…

60C.21 INSOLVENCY; NOTICE OF GUARANTY FUND PROTECTION. § Subdivision 1.Notice required. No person, including an insurer, agent, or affiliate of an insurer or agent shall sell, or offer for sale, a covered property and casualty insurance policy, unless the notice, in the form spec…

60C.22 NOTICE FOR POLICY OR CONTRACT NOT COVERED. A policy or contract not covered by the Minnesota Life and Health Insurance Guaranty Association or the Minnesota Insurance Guaranty Association must contain the following notice in 10-point type, stamped in red ink on the policy …