Title Minnesota Statutes, Minnesota Statutes

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…

60A.1296 CONFIDENTIALITY. § Subdivision 1.Actuarial opinion; public document. The statement of actuarial opinion must be provided with the annual statement in accordance with the appropriate National Association of Insurance Commissioners (NAIC) Property and Casualty Annual State…

60A.13 ANNUAL STATEMENT, INQUIRIES, RENEWAL LICENSES. § Subdivision 1.Annual statements required. Every insurance company, including fraternal benefit societies, and reciprocal exchanges, doing business in this state, shall file with the commissioner, annually, on or before March…

60A.131 OTHER BUSINESS AND INSURANCE INTERESTS, DISCLOSURE. (a) If requested by the commissioner, an insurance company authorized to do business in this state shall disclose to the commissioner any changes in the principal management and directors of the company from that listed …

60A.135 REPORT; CERTAIN TRANSACTIONS. § Subdivision 1.Requirement. Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance…

60A.136 ACQUISITIONS AND DISPOSITIONS OF ASSETS. § Subdivision 1.Materiality. No acquisitions or dispositions of assets need be reported pursuant to section 60A.135 if the acquisitions or dispositions are not material. For purposes of sections 60A.135 to 60A.137, a material acqui…

60A.137 NONRENEWALS, CANCELLATIONS, OR REVISIONS OF CEDED REINSURANCE AGREEMENTS. § Subdivision 1.Materiality. (a) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to section 60A.135 if the nonrenewals, cancellations, or revisi…

60A.139 ELECTRONIC NOTICES AND DOCUMENTS. § Subdivision 1.Terms defined. In this section, the following words have the meanings given them: (1) "delivered by electronic means" includes: (i) delivery to an email address at which a party has consented to receive notices or document…

60A.1391 CORPORATE GOVERNANCE ANNUAL DISCLOSURE. § Subdivision 1.Scope. (a) Nothing in this section shall be construed to prescribe or impose corporate governance standards and internal procedure beyond that which is required under applicable state corporate law. Nothing in this …

60A.14 FEES. § Subdivision 1.Fees other than examination fees. In addition to the fees and charges provided for examinations, the following fees must be paid to the commissioner for deposit in the general fund: (a) by township mutual fire insurance companies: (1) for filing certi…

60A.16 MERGERS AND CONSOLIDATIONS. § Subdivision 1.Scope. (1) Domestic insurance corporations. Any two or more domestic insurance corporations, formed for any of the purposes for which stock, mutual, or stock and mutual insurance corporations, or reciprocal or interinsurance cont…

60A.161 INSURER DOMESTICATION AND CONVERSION. § Subdivision 1.Approval as a domestic insurer. Any insurer that is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer of this st…

60A.171 REHABILITATION AND CANCELLATION OF INDEPENDENT AGENT CONTRACTS BY INSURANCE COMPANIES. § Subdivision 1.Termination rights and obligations. (a) After an agency contractual relationship has been in effect for a period of three years, an insurance company writing fire or cas…

60A.172 INSURANCE AGENCY CONTRACTS; CANCELLATION. (a) An insurer may not cancel a written agreement with an agent or reduce or restrict an agent's underwriting authority with respect to property or casualty insurance, based solely on the loss ratio experience on that agent's book…

60A.173 EFFECTIVE DATE. Section 60A.172 is effective January 1, 1987, and applies to cancellations begun as of that date. As a condition of doing business in the state of Minnesota, an insurer shall promptly reinstate any agreements canceled under section 60A.172 and shall restor…

60A.174 SEVERABILITY. If section 60A.173 is determined by a final, nonappealable order of any Minnesota or federal court of competent jurisdiction to be invalid or unconstitutional, section 60A.172 is effective May 29, 1987. History: 1987 c 288 s 3