Title Minnesota Statutes, Minnesota Statutes

61B.22 BOARD OF DIRECTORS. § Subdivision 1.Members. The board of directors of the association consists of nine member insurers serving terms as established in the plan of operation under section 61B.25. The insurer board members must be elected by member insurers, subject to the …

61B.23 POWERS AND DUTIES OF ASSOCIATION. § Subdivision 1.Impaired domestic insurer. If a member insurer is an impaired domestic insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations…

61B.24 ASSESSMENTS. § Subdivision 1.Purpose. For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account or subaccount, at the times and for the amount…

61B.25 PLAN OF OPERATION. § Subdivision 1.Adoption and amendment. The purpose of the plan of operation is to assure the fair, reasonable, and equitable administration of the association under sections 61B.18 to 61B.32. Amendments to the plan of operation must be submitted to the …

61B.26 DUTIES AND POWERS OF COMMISSIONER. (a) In addition to other duties and powers in sections 61B.18 to 61B.32, the commissioner shall: (1) notify the board of directors of the existence of an impaired or insolvent insurer within three days after a determination of impairment …

61B.27 PREVENTION OF INSOLVENCIES. (a) To aid in the detection and prevention of member insurer insolvencies or impairments the commissioner shall notify the commissioners of insurance of all the other states, territories of the United States, and the District of Columbia when th…

61B.28 MISCELLANEOUS PROVISIONS. § Subdivision 1.Records. Records must be kept of all negotiations and meetings of the board of directors to discuss the activities of the association in carrying out its powers and duties under section 61B.23. Records of the association with respe…

61B.29 EXAMINATION; ANNUAL REPORT. The association is subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner before May 1 each year, a financial report in a form approved by the commissioner and a report of its activitie…

61B.30 TAX EXEMPTIONS. § Subdivision 1.State fees and taxes. 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 its subdivisions, except taxes levied on real property. § Subd. 2.Federal and forei…

61B.31 INDEMNIFICATION. The association has authority to indemnify certain persons against certain expenses and liabilities as provided in section 302A.521, including the power to purchase and maintain insurance on behalf of these persons as provided by section 302A.521, subdivis…

61B.32 STAY OF PROCEEDINGS; REOPENING DEFAULT JUDGMENTS. All proceedings in which the insolvent insurer is a party in a court in this state must be stayed 60 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the …

61B.33 RIGHTS AND OBLIGATIONS OF ASSOCIATION. Notwithstanding any other provision of law, the provisions of the Minnesota Life and Health Insurance Guaranty Association Act in effect on the date the association first becomes obligated for the policies or contracts of an insolvent…