Title Minnesota Statutes, Minnesota Statutes

59A.13 EXEMPTION FROM FILING. No filing of the premium finance agreement or recording of a premium finance transaction shall be necessary to perfect the validity of the agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, success…

59A.15 APPLICABILITY OF CHAPTER 14. The provisions of chapter 14 shall apply to sections 59A.01 to 59A.15. History: 1974 c 353 s 15; 1982 c 424 s 130

59B.01 SCOPE AND PURPOSE. (a) The purpose of this chapter is to create a legal framework within which service contracts may be sold in this state. (b) The following are exempt from this chapter: (1) warranties; (2) maintenance agreements; (3) warranties, service contracts, or mai…

59B.02 DEFINITIONS. § Subdivision 1.Terms. For the purposes of this chapter, the terms defined in this section have the meanings given them. § Subd. 2.Administrator. "Administrator" means the person who is responsible for the administration of the service contracts or the service…

59B.03 REQUIREMENTS FOR TRANSACTING BUSINESS. § Subdivision 1.Appointment of administrator. A provider may, but is not required to, appoint an administrator or other designee to be responsible for any or all of the administration of service contracts and compliance with this chap…

59B.04 REQUIRED DISCLOSURES; REIMBURSEMENT INSURANCE POLICY. § Subdivision 1.Right to payment or reimbursement. Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale in this state shall state that the insurer that issued the reimbursement i…

59B.05 REQUIRED DISCLOSURE; SERVICE CONTRACTS. § Subdivision 1.Readability and general disclosure. Service contracts marketed, sold, offered for sale, issued, made, proposed to be made, or administered in this state must be written, printed, or typed in clear, understandable lang…

59B.06 ADDITIONAL REQUIRED DISCLOSURE; SERVICE CONTRACTS. § Subdivision 1.Insurance disclosure. Service contracts insured under a reimbursement insurance policy pursuant to section 59B.03, subdivision 4, clause (1), must contain a statement in substantially the following form: "O…

59B.07 PROHIBITED ACTS. § Subdivision 1.Deceptive names. A provider shall not use in its name the words insurance, casualty, surety, mutual, or any other words descriptive of the insurance, casualty, or surety business; or a name deceptively similar to the name or description of …

59B.08 RECORD-KEEPING REQUIREMENTS. § Subdivision 1.Generally. The provider shall keep accurate accounts, books, and records concerning transactions regulated under this chapter. The provider's accounts, books, and records include the following: (1) copies of each type of service…

59B.09 TERMINATION OF REIMBURSEMENT INSURANCE POLICY. An insurer that issued a reimbursement insurance policy may not terminate the policy unless the insurer mails or delivers written notice of the termination to the commissioner at least 30 days before the effective date of term…

59B.10 OBLIGATION OF REIMBURSEMENT INSURANCE POLICY INSURERS. Insurers issuing reimbursement insurance to providers are deemed to have received the premiums for the insurance upon the payment of provider fees by consumers for service contracts issued by the insured providers. Not…

59B.11 SEVERABILITY PROVISION. If any provision of this chapter or the application of the provision to any person or circumstances are held invalid, the remainder of this chapter and the application of the provision to person or circumstances other than those as to which it is he…

59C.01 SHORT TITLE. This chapter may be cited as the "Vehicle Protection Product Act." History: 2007 c 57 art 3 s 21

59C.02 DEFINITIONS. § Subdivision 1.Terms. For purposes of this chapter, the terms defined in subdivisions 2 to 11 have the meanings given them. § Subd. 2.Administrator. "Administrator" means a third party other than the warrantor who is designated by the warrantor to be responsi…

59C.03 SCOPE AND EXEMPTIONS. (a) No vehicle protection product may be sold or offered for sale in this state unless the seller, warrantor, and administrator, if any, comply with the provisions of this chapter. (b) Vehicle protection product warrantors and related vehicle protecti…

59C.04 REGISTRATION AND FILING REQUIREMENTS OF WARRANTORS. § Subdivision 1.General requirement. A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the department on a form prescribed by the commis…

59C.05 FINANCIAL RESPONSIBILITY. § Subdivision 1.General requirements. No vehicle protection product may be sold, or offered for sale in this state unless the warrantor meets either the requirements of subdivision 2 or 3 in order to ensure adequate performance under the warranty.…

59C.06 WARRANTY REIMBURSEMENT POLICY REQUIREMENTS. No warranty reimbursement insurance policy may be issued, sold, or offered for sale in this state unless the policy meets the following conditions: (1) the policy states that the issuer of the policy will reimburse, or pay on beh…

59C.07 DISCLOSURE TO WARRANTY HOLDER. A vehicle protection product warranty must not be sold or offered for sale in this state unless the warranty: (1) states, "The obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement insurance policy"…

59C.08 PROHIBITED ACTS. (a) Unless licensed as an insurance company, a vehicle protection product warrantor shall not use in its name, contracts, or literature, any of the words "insurance," "casualty," "surety," "mutual," or any other words descriptive of the insurance, casualty…

59C.09 RECORD KEEPING. (a) All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under this chapter. (b) A vehicle protection product warrantor's accounts, books, and records must include: (1) copies of all ve…

59C.10 COMMISSIONER'S POWERS AND DUTIES. § Subdivision 1.Examination and compliance powers. The commissioner may conduct examinations of warrantors, administrators, or other persons to enforce this chapter and protect warranty holders in this state. Upon request of the commission…

59C.12 APPLICABILITY. This chapter applies to all vehicle protection products sold or offered for sale on or after January 1, 2008. The failure of any person to comply with this chapter before January 1, 2008, is not admissible in any court proceeding, administrative proceeding, …

59D.01 APPLICATION. (a) This chapter does not apply to: (1) a policy of insurance offered in compliance with chapters 60A to 79A; (2) a debt cancellation or debt suspension contract, including a guaranteed asset protection waiver, being offered by a banking institution or credit …

59D.02 DEFINITIONS. § Subdivision 1.Terms. For purposes of this chapter, the terms defined in subdivisions 2 to 10 have the meanings given them. § Subd. 2.Administrator. "Administrator" means a person, other than an insurer or creditor who performs administrative or operational f…

59D.03 COMMERCIAL TRANSACTIONS EXEMPTED. Sections 59D.04, subdivision 3, and 59D.06 do not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with any transaction not for personal, family, or household purposes. …

59D.04 GUARANTEED ASSET PROTECTION WAIVER REQUIREMENTS. § Subdivision 1.Authorization. GAP waivers may be offered, sold, or provided to borrowers in Minnesota in compliance with this chapter. § Subd. 2.Payment options. GAP waivers may, at the option of the creditor, be sold for a…

59D.05 CONTRACTUAL LIABILITY OR OTHER INSURANCE POLICIES. § Subdivision 1.Reimbursement or payment statement. Contractual liability or other insurance policies insuring GAP waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor …

59D.06 DISCLOSURES. (a) Guaranteed asset protection waivers must disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: (1) the name and address of the initial creditor and the borrower at the time of sale, and the identity …

59D.07 CANCELLATION; REFUNDS. § Subdivision 1.Refund requirements during free-look period. A GAP waiver must provide that, if a borrower cancels a waiver within the free-look period, the borrower will be entitled to a full refund of the purchase price, so long as no benefits have…

60A.01 SCOPE. This chapter includes the provisions relating to administration in general and the provisions applicable to insurance in general. History: 1967 c 395 art 1 s 1

60A.02 DEFINITIONS. § Subdivision 1.Terms. Unless the language or context clearly indicates that a different meaning is intended, the following terms shall, for the purposes of chapters 60A to 72A, 69, 70A and 299F, have the meanings ascribed to them. § Subd. 1a.Association or as…

60A.03 COMMISSIONER OF COMMERCE. § Subdivision 1.Commissioner; appointment. The commissioner of commerce shall be appointed by the governor under the provisions of section 15.06. All of the commissioner's time shall be devoted to the duties of the office. § Subd. 2.Powers of comm…

60A.031 EXAMINATIONS. § Subdivision 1.Power to examine. (1) Insurers and other licensees. At any time and for any reason related to the enforcement of the insurance laws, or to ensure that companies are being operated in a safe and sound manner and to protect the public interest,…

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…