Title Minnesota Statutes, Minnesota Statutes

60A.951 DEFINITIONS. § Subdivision 1.Application. The definitions in this section apply to sections 60A.951 to 60A.956. § Subd. 2.Authorized person. "Authorized person" means the county attorney, sheriff, or chief of police responsible for investigations in the county where the s…

60A.952 DISCLOSURE OF INFORMATION. § Subdivision 1.Request. After receiving a written request from an authorized person stating that the authorized person has reason to believe that a crime or civil fraud has been committed in connection with an insurance claim, insurance transac…

60A.953 ENFORCEMENT; REFUSAL TO COOPERATE WITH AN INVESTIGATION. The intentional failure to provide relevant information as required by section 60A.952, subdivision 1, or to provide notification of insurance fraud as required by section 60A.952, subdivision 2, is punishable as a …

60A.954 INSURANCE ANTIFRAUD PLAN. § Subdivision 1.Establishment. An insurer shall institute, implement, and maintain an antifraud plan. For the purpose of this section, the term insurer does not include reinsurers, the Workers' Compensation Reinsurance Association, self-insurers,…

60A.955 CLAIM FORMS TO CONTAIN FRAUD WARNING. All insurance claim forms issued by an insurer for use in submitting a claim for payment or a claim for any other benefit pursuant to a policy shall clearly contain a warning substantially as follows: "A person who files a claim with …

60A.956 OTHER LAW ENFORCEMENT AUTHORITY. Nothing in sections 60A.951 to 60A.956 preempts the authority of or relieves the duty of any other law enforcement agencies to investigate and prosecute alleged violations of law, prevents or prohibits a person from voluntarily disclosing …

60A.957 DEFINITIONS. § Subdivision 1.Terms. For purposes of sections 60A.957 to 60A.9585, the terms defined in this section have the meanings given them. § Subd. 2.Advertising. "Advertising" means any written, electronic, or printed communication or any communication by means of …

60A.9572 LICENSE AND BOND REQUIREMENTS. § Subdivision 1.Provider or broker license required. A person shall not operate as a viatical settlement provider or viatical settlement broker in this state without first obtaining a license from the commissioner of the state of residence …

60A.9573 LICENSE REVOCATION AND DENIAL. § Subdivision 1.Grounds. The commissioner may suspend, revoke, or refuse to issue or renew the license of a viatical settlement provider, viatical settlement broker, or viatical settlement investment agent if the commissioner finds that: (1…

60A.9574 APPROVAL OF VIATICAL SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS. A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. The commissioner sha…

60A.9575 REPORTING REQUIREMENTS AND PRIVACY. § Subdivision 1.Annual statement. A viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing the following information: (1) for each policy viaticated, the date that…

60A.9577 DISCLOSURE TO VIATOR. § Subdivision 1.Application disclosures by provider and broker. With an application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall provide the viator with at least the following disclosures no later tha…

60A.9579 GENERAL RULES. § Subdivision 1.Provider requirements. (a) A viatical settlement provider entering into a viatical settlement contract shall first obtain: (1) if the viator is the insured, a written statement from a licensed attending physician that the viator is of sound…

60A.9581 PROHIBITED PRACTICES AND CONFLICTS OF INTEREST. § Subdivision 1.Solicitations and sales to controlled person. With respect to any viatical settlement contract or insurance policy, no viatical settlement broker knowingly shall solicit an offer from, effectuate a viatical …

60A.9582 ADVERTISING FOR VIATICAL SETTLEMENTS AND VIATICAL SETTLEMENTS PURCHASE AGREEMENTS. § Subdivision 1.Application. This section applies to any advertising of viatical settlement contracts, viatical purchase agreements, or related products or services intended for disseminat…

60A.9583 FRAUD PREVENTION AND CONTROL. § Subdivision 1.Fraudulent viatical settlement acts, interference, and participation of convicted felons prohibited. (a) A person who commits a fraudulent viatical settlement act commits insurance fraud and may be sentenced under section 609…

60A.9585 UNFAIR TRADE PRACTICE. A violation of sections 60A.957 to 60A.9585, including the commission of a fraudulent viatical settlement act, shall be considered an unfair trade practice under section 72A.20. History: 2009 c 62 s 12

60A.964 FEES. § Subdivision 1.Amount. The licensing fee for a viatical settlement provider, viatical settlement broker, or viatical settlement investment agent license is $750 for initial licensure and $250 for each annual renewal. The fees must be limited to the cost of license …

60A.975 DEFINITIONS. § Subdivision 1.Application. For purposes of sections 60A.975 and 60A.976, the definitions in this section have the meanings given them. § Subd. 2.Annuity issuer. "Annuity issuer" means an insurer that issues an insurance contract used to fund periodic paymen…

60A.976 ANNUITY ISSUERS FINANCIAL REQUIREMENTS. An annuity purchased to finance a structured settlement agreement may be purchased only from an annuity issuer with a financial rating equivalent to A.M. Best Company A+ Class 8 or better; or a Standard & Poor's AA or better. Histor…

60A.985 DEFINITIONS. § Subdivision 1.Terms. As used in sections 60A.985 to 60A.9857, the following terms have the meanings given. § Subd. 2.Authorized individual. "Authorized individual" means an individual known to and screened by the licensee and determined to be necessary and …

60A.9851 INFORMATION SECURITY PROGRAM. § Subdivision 1.Implementation of an information security program. Commensurate with the size and complexity of the licensee, the nature and scope of the licensee's activities, including its use of third-party service providers, and the sens…

60A.9852 INVESTIGATION OF A CYBERSECURITY EVENT. § Subdivision 1.Prompt investigation. If the licensee learns that a cybersecurity event has or may have occurred, the licensee, or an outside vendor or service provider designated to act on behalf of the licensee, shall conduct a p…

60A.9853 NOTIFICATION OF A CYBERSECURITY EVENT. § Subdivision 1.Notification to the commissioner. Each licensee shall notify the commissioner of commerce or commissioner of health, whichever commissioner otherwise regulates the licensee, without unreasonable delay but in no event…

60A.9854 POWER OF COMMISSIONER. (a) The commissioner of commerce or commissioner of health, whichever commissioner otherwise regulates the licensee, shall have power to examine and investigate into the affairs of any licensee to determine whether the licensee has been or is engag…

60A.9855 CONFIDENTIALITY. § Subdivision 1.Licensee information. Any documents, materials, or other information in the control or possession of the department that are furnished by a licensee or an employee or agent thereof acting on behalf of a licensee pursuant to section 60A.98…

60A.9856 EXCEPTIONS. § Subdivision 1.Generally. The following exceptions shall apply to sections 60A.985 to 60A.9857: (1) a licensee with fewer than 25 employees is exempt from sections 60A.9851 and 60A.9852; (2) a licensee subject to and in compliance with the Health Insurance P…

60A.9857 PENALTIES. In the case of a violation of sections 60A.985 to 60A.9856, a licensee may be penalized in accordance with section 60A.052. History: 1Sp2021 c 4 art 3 s 12

60A.9858 EXCLUSIVITY. Notwithstanding any other provision of law, sections 60A.985 to 60A.9857 establish the exclusive state standards applicable to licensees for data security, the investigation of a cybersecurity event, and notification of a cybersecurity event. History: 1Sp202…

60A.99 INTERSTATE INSURANCE PRODUCT REGULATION COMPACT. § Subdivision 1.Enactment and form. The Interstate Insurance Product Regulation Compact is enacted into law and entered into with all other states legally joining in it in substantially the following form: Article I. Purpose…

60A.991 INTERSTATE INSURANCE PRODUCT REGULATION COMPACT OPT OUT ADMINISTRATION. § Subdivision 1.Access to courts. The commissioner must opt out by regulation of any uniform standard that permits a product to deny a consumer's access to the courts to resolve a dispute related to t…

60B.01 TITLE, CONSTRUCTION, AND PURPOSE. § Subdivision 1.Short title. Sections 60B.01 to 60B.61 may be cited as the "Insurers Rehabilitation and Liquidation Act" and shall appear in the next edition of Minnesota Statutes as chapter 60B but subject to the provisions of section 3C.…

60B.02 PERSONS COVERED. The proceedings authorized by sections 60B.01 to 60B.61 may be applied to: (1) all insurers who are doing, or have done, an insurance business in this state, and against whom claims arising from that business may exist now or in the future; (2) all insurer…

60B.03 DEFINITIONS. § Subdivision 1.Scope. For the purposes of sections 60B.01 to 60B.61, the following terms have the meanings given in this section. § Subd. 2.Commissioner. "Commissioner" means the commissioner of commerce of the state of Minnesota and, in that commissioner's a…

60B.04 JURISDICTION AND VENUE. § Subdivision 1.Actions by commissioner. Except as provided in subdivision 2, no delinquency proceeding shall be commenced under sections 60B.01 to 60B.61 by anyone other than the commissioner, including an acting commissioner, of this state and no …

60B.05 INJUNCTIONS AND ORDERS. § Subdivision 1.Injunctions in this state. Any receiver appointed in a proceeding under sections 60B.01 to 60B.61 may at any time apply for and any court of general jurisdiction in this state may grant, under the relevant sections of rules of Minnes…

60B.06 COSTS AND EXPENSES OF LITIGATION. In any proceeding under sections 60B.01 to 60B.61, the court may award such costs and other expenses of litigation as justice requires, without regard to the limitations otherwise prescribed by law. If costs and expenses are taxed against …

60B.07 COOPERATION OF OFFICERS AND EMPLOYEES. § Subdivision 1.Duty to cooperate. Any officer, manager, trustee, agent or general agent of any insurer and any other person with executive authority over or in charge of any segment of the insurer's affairs having notice of the proce…

60B.09 COMMISSIONER'S REPORTS. § Subdivision 1.General report of proceedings. The commissioner shall include in a biennial report: (a) the names of the insurers proceeded against under sections 60B.15, 60B.20, 60B.52, 60B.53, and 60B.55, and such other facts as indicate in reason…

60B.10 CONTINUATION OF DELINQUENCY PROCEEDINGS. Every proceeding commenced before May 25, 1969 is deemed to have commenced under sections 60B.01 to 60B.61 for the purpose of conducting the proceeding thereafter, except that in the discretion of the commissioner the proceeding may…

60B.11 COMMISSIONER'S SUMMARY ORDERS. § Subdivision 1.Summary order after hearing. Whenever the commissioner has reasonable cause to believe, and determines, after a hearing held as prescribed in subdivision 3, that any insurer has committed or engaged in, or is committing or eng…

60B.12 COURT'S SEIZURE ORDER. § Subdivision 1.Issuance. Upon the filing by the commissioner in any district court in this state of a verified petition establishing to the satisfaction of the court that sufficient grounds exist for a formal delinquency proceeding against an insure…

60B.13 COMMISSIONER'S SEIZURE ORDER. § Subdivision 1.Issuance. If it appears to the commissioner that an emergency exists whereby the interests of the creditors, policyholders, or the public will be endangered by the delay incident to applying for a court seizure order, then on a…

60B.14 CONDUCT OF HEARINGS IN SUMMARY PROCEEDINGS. § Subdivision 1.Confidentiality of commissioner's hearings. The commissioner shall hold all hearings in summary proceedings privately unless the insurer requests a public hearing, in which case the hearing shall be public. § Subd…

60B.15 GROUNDS FOR REHABILITATION. The commissioner may apply by verified petition to the District Court for Ramsey County or for the county in which the principal office of the insurer is located for an order directing the commissioner to rehabilitate a domestic insurer or an al…

60B.16 REHABILITATION ORDERS. § Subdivision 1.Appointment of rehabilitator. An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and successors in office rehabilitator and shall direct the rehabil…