Title Minnesota Statutes, Minnesota Statutes

60A.52 COMPANY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Company action level event" means the following events: (1) the filing of an RBC report by a health organization that indicates that the health organization's total adjusted capital is greater than or equal to its re…

60A.53 REGULATORY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Regulatory action level event" means, with respect to a health organization, any of the following events: (1) the filing of an RBC report by the health organization that indicates that the health organization's to…

60A.54 AUTHORIZED CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Authorized control level event" means any of the following events: (1) the filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than o…

60A.55 MANDATORY CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Mandatory control level event" means any of the following events: (1) the filing of an RBC report which indicates that the health organization's total adjusted capital is less than its mandatory control level RBC;…

60A.56 HEARINGS. Upon the occurrence of any of the following events, the health organization has the right to a confidential departmental hearing, on a record, at which the health organization may challenge any determination or action by the commissioner. The health organization …

60A.57 ACCESS TO AND USE OF RBC INFORMATION. § Subdivision 1.Confidentiality; prohibition on announcements. Section 60A.67, subdivisions 1 and 2, apply to sections 60A.50 to 60A.592. § Subd. 2.Prohibition for rate making or premium setting. The RBC instructions, RBC reports, adju…

60A.58 SUPPLEMENTAL PROVISIONS. § Subdivision 1.Effect. Sections 60A.50 to 60A.592 are supplemental to any other provisions of the laws of this state, and must not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, cha…

60A.59 FOREIGN HEALTH ORGANIZATIONS. § Subdivision 1.RBC report. (a) A foreign health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of: (1) the date an RBC report …

60A.591 IMMUNITY. There is no liability on the part of, and no cause of action arises against, the commissioner or the department or its employees or agents for any action taken by them in the performance of their powers and duties under sections 60A.50 to 60A.592. History: 2004 …

60A.592 NOTICES. All notices by the commissioner to a health organization that may result in regulatory action under sections 60A.50 to 60A.592 are effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission are effective upon …

60A.60 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 60A.60 to 60A.696, the terms defined in this section have the meanings given them. § Subd. 2.Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has…

60A.61 RISK-BASED CAPITAL REPORTS. § Subdivision 1.General requirements. Every domestic insurer shall, on or before each March 1, prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containi…

60A.62 COMPANY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Company action level event" means any of the following events: (1) the filing of a risk-based capital report by an insurer which indicates that: (i) the insurer's total adjusted capital is greater than or equal to it…

60A.63 REGULATORY ACTION LEVEL EVENT. § Subdivision 1.Definition. "Regulatory action level event" means, with respect to an insurer, any of the following events: (1) the filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital …

60A.64 AUTHORIZED CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Authorized control level event" means any of the following events: (1) the filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to…

60A.65 MANDATORY CONTROL LEVEL EVENT. § Subdivision 1.Definition. "Mandatory control level event" means any of the following events: (1) the filing of a risk-based capital report that indicates that the insurer's total adjusted capital is less than its mandatory control level ris…

60A.66 HEARINGS. Upon: (1) notification to an insurer by the commissioner of an adjusted risk-based report; (2) notification to an insurer by the commissioner that: (i) the insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and (ii) the notifi…

60A.67 CONFIDENTIALITY. § Subdivision 1.Generally. All risk-based capital reports, to the extent the information in them is not required to be set forth in a publicly available annual statement schedule, and risk-based capital plans, including the results or report of an examinat…

60A.68 SUPPLEMENTAL PROVISIONS; RULES; EXEMPTION. (a) Sections 60A.60 to 60A.696 are supplemental to other laws of this state and do not preclude or limit other powers or duties of the commissioner under those laws, including, but not limited to, chapters 60B and 60G. (b) The com…

60A.69 FOREIGN INSURERS. § Subdivision 1.Reporting requirements. A foreign insurer shall, upon the written request of the commissioner, submit to the commissioner a risk-based capital report as of the end of the calendar year just ended not later than the later of: (1) the date a…

60A.695 IMMUNITY. There is no liability on the part of, and no cause of action arises against, the commissioner or the commerce department or its employees or agents for an action taken by them in the performance of their powers and duties under sections 60A.60 to 60A.696. Histor…

60A.696 NOTICES. All notices by the commissioner to an insurer that may result in regulatory action under sections 60A.60 to 60A.696 are effective upon dispatch if transmitted by registered or certified mail, or in the case of other transmission is effective upon the insurer's re…

60A.70 TITLE. Sections 60A.70 to 60A.756 may be cited as the "Reinsurance Intermediary Act." History: 1991 c 325 art 11 s 1

60A.705 DEFINITIONS. § Subdivision 1.Terms. For purposes of sections 60A.70 to 60A.756, the terms defined in this section have the meanings given them. § Subd. 2.Actuary. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. § Subd. 3.Con…

60A.71 LICENSURE. § Subdivision 1.Reinsurance intermediary-broker requirements. No person, firm, association, or corporation shall act as an RB in this state if the RB maintains an office either directly or as a member or employee of a firm or association, or an officer, director…

60A.715 REQUIRED CONTRACT PROVISIONS; REINSURANCE INTERMEDIARY-BROKERS. Transactions between an RB and the insurer it represents in this capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization must,…

60A.72 BOOKS AND RECORDS; REINSURANCE INTERMEDIARY-BROKERS. § Subdivision 1.Records of transactions. For at least ten years after expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing: (1) the type of cont…

60A.725 DUTIES OF INSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-BROKER. (a) An insurer shall not engage the services of a person, firm, association, or corporation to act as an RB on its behalf unless the person is licensed as required by section 60A.71, subdivisi…

60A.73 REQUIRED CONTRACT PROVISIONS; REINSURANCE INTERMEDIARY-MANAGERS. § Subdivision 1.Approval by commissioner. Transactions between an RM and the reinsurer it represents in this capacity must only be entered into pursuant to a written contract, specifying the responsibilities …

60A.735 PROHIBITED ACTS. The RM shall not: (1) cede retrocessions on behalf of the reinsurer, except that the RM may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for th…

60A.74 DUTIES OF REINSURER UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-MANAGER. § Subdivision 1.Licensed persons to be used. A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless the person is lice…

60A.745 EXAMINATION AUTHORITY; REINSURANCE INTERMEDIARY - BROKER. (a) A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the comm…

60A.75 VIOLATIONS. § Subdivision 1.Administrative and civil penalties and liabilities. A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with chapter 14, to be in violation of any provision of sections 60A.70 to 6…

60A.755 SCOPE. Nothing contained in sections 60A.70 to 60A.756 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to these persons. History: 1991 c 325 art 11 s 12

60A.756 RULES. The commissioner may adopt rules for the implementation and administration of sections 60A.70 to 60A.756. History: 1991 c 325 art 11 s 13

60A.76 PURPOSE AND SCOPE. Sections 60A.76 to 60A.768 apply to all individual and group accident and health insurance coverages as defined in section 60A.06, subdivision 1, paragraph (5)(a), including single premium credit disability insurance. Other credit insurance is not subjec…

60A.761 GLOSSARY OF TECHNICAL TERMS USED. § Subdivision 1.Scope. As used in sections 60A.76 to 60A.768, the terms in subdivisions 2 to 21 have the meanings given them. § Subd. 2.Annual claim cost. "Annual claim cost" means the net annual cost per unit of benefit before the additi…

60A.762 CATEGORIES OF RESERVES. The following sections set forth minimum standards for three categories of health insurance reserves: (1) section 60A.763, claim reserves; (2) section 60A.764, premium reserves; and (3) section 60A.765, contract reserves. Adequacy of an insurer's h…

60A.763 CLAIM RESERVES. § Subdivision 1.Generally. (a) Claim reserves are required for all incurred but unpaid claims on all health insurance policies. (b) Appropriate claim expense reserves are required with respect to the estimated expense of settlement of all incurred but unpa…

60A.764 PREMIUM RESERVES. § Subdivision 1.Generally. (a) Unearned premium reserves are required for all contracts with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation. (b) If premiums due and u…

60A.765 CONTRACT RESERVES REQUIRED. (a) Contract reserves are required, unless otherwise specified in paragraph (b) for: (1) all individual and group contracts with which level premiums are used; or (2) all individual and group contracts with respect to which, due to the gross pr…

60A.766 MINIMUM STANDARDS FOR CONTRACT RESERVES. § Subdivision 1.Basis. (a) Minimum standards with respect to morbidity are those set forth in section 60A.768. Valuation net premiums used under each contract must have a structure consistent with the gross premium structure at iss…

60A.767 REINSURANCE. Increases to or credits against reserves carried, arising because of reinsurance assumed or reinsurance ceded, must be determined in a manner consistent with sections 60A.76 to 60A.768 and with all applicable provisions of the reinsurance contracts which affe…

60A.768 SPECIFIC STANDARDS FOR MORBIDITY, INTEREST, AND MORTALITY. § Subdivision 1.Morbidity. A. Minimum morbidity standards for valuation of specified individual contract health insurance benefits are as follows: (1) Disability Income Benefits Due to Accident or Sickness. (a) Co…

60A.803 LIFE AND HEALTH REINSURANCE AGREEMENTS. § Subdivision 1.Scope. This section applies to: (1) all domestic life and accident and sickness insurers; (2) all other licensed life and accident and sickness insurers which are not subject to a substantially similar regulation in …

60A.90 SCOPE. Sections 60A.90 to 60A.94 apply to all domestic, foreign, and alien insurers who are authorized to transact business in this state. History: 1991 c 325 art 12 s 1