Title Minnesota Statutes, Minnesota Statutes

67A.05 BYLAWS. § Subdivision 1.Bylaws required. The first board of directors shall adopt bylaws, which shall remain effective until and except as amended by the members at any regular or special meeting called therefor. § Subd. 2.Filing of bylaws and amendments. Every township mu…

67A.06 POWERS OF CORPORATION. Every corporation formed under the provisions of sections 67A.01 to 67A.26, shall have power: (1) to have succession by its corporate name for the time stated in its certificate of incorporation; (2) to sue and be sued in any court; (3) to have and u…

67A.07 PRINCIPAL OFFICE. The principal office of a township mutual fire insurance company shall be located in a county in which the company is authorized to do business. History: 1967 c 395 art 8 s 7; 1973 c 123 art 5 s 7; 1975 c 15 s 4; 2009 c 37 art 3 s 20

67A.08 BOARD OF DIRECTORS. Each company shall choose of its members no less than five, and not more than nine, directors to manage the affairs of the company, who shall hold their office for such period as may be fixed by the bylaws of the company, not exceeding three years, and …

67A.09 OFFICERS. § Subdivision 1.How elected or chosen. The directors shall choose one of their number as president, one as vice-president, and one as secretary; they shall also choose a treasurer, who need not be a member of the board, but must be a member of the company. They m…

67A.10 RIGHTS OF CERTAIN MEMBERS. Nonresidents owning property in the territory where any such company is authorized to do business may become a member with all the rights thereof except eligibility to office. History: 1967 c 395 art 8 s 10; 1975 c 15 s 6

67A.11 ANNUAL MEETING. § Subdivision 1.Date and fiscal year. The annual meeting of every such company shall be held before July first in each year, and the fiscal year of the company shall be from the first day of January through the thirty-first day of the following December. § …

67A.12 APPLICATIONS. § Subdivision 1.Who may accept. The president, secretary, treasurer, or chosen manager may accept all applications and sign and issue policies, agreeing in the name of the company to pay all losses and damages, not exceeding the sums named in the policies, su…

67A.13 TYPES OF INSURANCE AUTHORIZED. A township mutual fire insurance company shall insure only against loss or damage by fire, lightning, explosion, flood, earthquake, theft, vandalism, collapse, upset, overturn, collision, riot, riot attending a strike, civil commotion, aircra…

67A.14 INSURABLE PROPERTY. § Subdivision 1.Kinds of property; property outside authorized territory. (a) Township mutual fire insurance companies may insure qualified property. Qualified property means dwellings, household goods, appurtenant structures, farm buildings, farm perso…

67A.15 CLASSIFICATION OF PROPERTY. Every such company may classify property insured under different rates, corresponding as nearly as possible to the greater or less risk from fire by reason of location or construction, and issue its policies in accordance with these differences.…

67A.161 APPRAISAL OF DISPUTED LOSSES. If a township mutual fire insurance company and an insured fail to agree on the actual cash value of an item or amount of a loss, on written demand by either party, the insured and the company shall each, within 20 days of the demand, select …

67A.175 SURPLUS REQUIREMENTS. § Subdivision 1.Minimum. Township mutual fire insurance companies shall maintain a minimum policyholders' surplus of $300,000 at all times. § Subd. 2.Corrective action plan; filing. A township mutual fire insurance company that falls below the $300,0…

67A.18 TERMINATION. § Subdivision 1.By member. Any member may terminate membership in the company by giving written notice or returning the member's policy to the secretary. § Subd. 2.By company. The company may annul and cancel any policy after giving not less than ten days' wri…

67A.191 COMBINATION POLICIES. § Subdivision 1.Qualified risks. A township mutual fire insurance company may issue an insurance policy for qualified and secondary property as defined in section 67A.14, subdivision 1, in combination with a policy issued by an insurer authorized to …

67A.20 REINSURANCE. § Subdivision 1.Among themselves. Township mutual fire insurance companies may enter into reinsurance agreements with other township mutual fire insurance companies and reinsure a portion of any risk with these companies. In these cases they shall not be confi…

67A.21 CONSOLIDATION, MERGER. Two or more township mutual fire insurance companies which have been or may hereafter be authorized to transact the business of insurance upon insurable property as herein authorized may consolidate or merge as provided herein. To effect this consoli…

67A.231 DEPOSIT OF FUNDS; INVESTMENT; LIMITATIONS. The directors of any township mutual insurance company may authorize the treasurer to invest any of its funds and accumulations in: (a) Bonds, notes, mortgages, or other obligations guaranteed by the full faith and credit of the …

67A.241 RECORD KEEPING; EXAMINATION; REMEDIES. § Subdivision 1.Record keeping. The commissioner may prescribe a basis upon which a township mutual insurance company shall maintain its records which shall reflect the true financial condition of the company. § Subd. 2.External exam…

67A.25 REFERENCE TO LAWS 1909, CHAPTER 411. § Subdivision 1.What companies may come under Laws 1909, chapter 411. Any township mutual fire insurance company heretofore organized may exercise, after the passage of Laws 1909, chapter 411, all of the rights conferred thereby that ar…

67A.26 PENALTIES. § Subdivision 1.Fraudulent statements. Any person, officer, or member who shall knowingly or willfully make any false or fraudulent statement or representation in reference to any application for membership under sections 67A.01 to 67A.26, or any false or fraudu…

67A.40 ORGANIZATION AND POWERS. § Subdivision 1.Organization and purpose. Not less than six duly licensed township mutual fire insurance companies may organize a mutual association for the purpose of reinsuring any part or all of any risk or risks, written by any of the member co…

67A.41 PREMIUMS AND ASSESSMENTS. Member companies of any such association shall each year pay to the treasurer thereof such assessments as shall be fixed or authorized by the board of directors of the association, which assessments shall be based upon the amount of insurance of e…

67A.42 WITHDRAWAL BY MEMBERS. Any member of the association may withdraw from membership upon giving 90 days' notice of its intention so to do when the withdrawal has been authorized by a majority vote of its members present and voting at a regular meeting or a special meeting ca…

67A.43 COMMISSIONER'S POWERS AND DUTIES. § Subdivision 1.To have supervision. The certificate of incorporation and bylaws, forms of contracts and policies adopted or issued by every such association, and the general conduct of its affairs shall be subject to the general supervisi…

67A.44 COMMISSIONER DEFINED. As used in all parts of this chapter the word "commissioner" shall mean the commissioner of commerce of the state of Minnesota and, in the commissioner's absence or disability, a deputy or other person duly designated to act for the commissioner. Hist…