Title Minnesota Statutes, Minnesota Statutes

60C.06 ASSESSMENTS. § Subdivision 1.Determination of amount. The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year on the kinds of insurance in the account bear to the net direc…

60C.07 PLAN OF OPERATION. § Subdivision 1.Required submission. The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operat…

60C.08 BOARD OF DIRECTORS. § Subdivision 1.Composition. The board of directors of the association shall consist of nine persons. Two of the directors shall be public members and seven shall be insurer members. The public members shall be appointed by the commissioner. Public memb…

60C.09 COVERED CLAIMS. § Subdivision 1.Definition. A covered claim is any unpaid claim, including one for unearned premium, which: (a) arises out of and is within the coverage of an insurance policy issued by a member insurer if the insurer becomes an insolvent insurer after Apri…

60C.10 EVALUATION OF CLAIMS. § Subdivision 1.Board to determine. The board shall determine whether claims submitted for payment are covered claims. § Subd. 2. [Repealed, 1981 c 260 s 4] § Subd. 3.Claim denial; notification of appeal and review rights. If the board finds that a cl…

60C.11 EFFECT OF PAID CLAIMS. § Subdivision 1.Assignment upon recovery. The rights under the policy of a person recovering under this chapter shall be deemed to have been assigned by the person to the association to the extent of the recovery. § Subd. 2.Required cooperation. Ever…

60C.12 APPEAL AND REVIEW. § Subdivision 1.Appeal. A claimant whose claim has been declared to be not covered or reduced by the board under section 60C.10 may appeal to the board within 30 days after the claimant has been notified of the board's decision and of the rights of the c…

60C.13 EXHAUSTION OF OTHER COVERAGE. § Subdivision 1.Other policy coverage. Any person having a claim under another policy whether or not the policy is a policy of a member insurer, which claim arises out of the same facts which give rise to the covered claim, shall be first requ…

60C.14 DUTIES AND POWERS OF COMMISSIONER. § Subdivision 1.Mandatory powers and duties. The commissioner shall: (a) Notify the association of the issuance of any order of liquidation of a member insurer not later than three days after the commissioner has knowledge of the issuance…

60C.15 PREVENTION OF INSOLVENCIES. To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may upon majority vote make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency. (2) The bo…

60C.16 EXAMINATION OF ASSOCIATION. The association is subject to examination and regulation by the commissioner. The board of directors shall submit each year a financial report for the preceding calendar year in a form approved by the commissioner. History: 1971 c 145 s 16; 2003…

60C.17 TAX EXEMPTION. The association is exempt from payment of all taxes imposed under chapter 297I and all fees and all other taxes levied by this state or any of its subdivisions except taxes levied on real or personal property. History: 1971 c 145 s 17; 2000 c 394 art 2 s 9

60C.18 RECOGNITION OF ASSESSMENTS IN RATES. § Subdivision 1.Recognition required. The rates and premiums charged for insurance policies and fidelity and surety bonds to which this chapter applies may include amounts sufficient to recoup a sum equal to the amounts paid to the asso…

60C.19 IMMUNITY. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or a person serving as an alternative or substitute representative of a dir…

60C.195 STAY OF PROCEEDINGS. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in a court in this state shall, subject to waiver by the association in specific cases involving covered claims, be stayed for six months and additional time t…

60C.20 UNFAIR TRADE PRACTICES. It is an unfair trade practice, subject to regulation under sections 72A.17 through 72A.32, for any insurer or agent to make use in any manner of the protection given policyholders by this chapter as a reason for buying insurance. History: 1971 c 14…

60C.21 INSOLVENCY; NOTICE OF GUARANTY FUND PROTECTION. § Subdivision 1.Notice required. No person, including an insurer, agent, or affiliate of an insurer or agent shall sell, or offer for sale, a covered property and casualty insurance policy, unless the notice, in the form spec…

60C.22 NOTICE FOR POLICY OR CONTRACT NOT COVERED. A policy or contract not covered by the Minnesota Life and Health Insurance Guaranty Association or the Minnesota Insurance Guaranty Association must contain the following notice in 10-point type, stamped in red ink on the policy …

60D.09 PENALTIES. § Subdivision 1.Failure to file registration statement; civil penalty. An insurer failing, without just cause, to file a registration statement as required in section 60D.19 shall pay a penalty of $1,000 for each day's delay, to be recovered by the commissioner …

60D.15 DEFINITIONS. § Subdivision 1.Terms. For purposes of this chapter, the terms in subdivisions 2 to 10 have the meanings given them, unless the context otherwise requires. § Subd. 2.Affiliate. An "affiliate" of, or person "affiliated" with, a specific person, is a person that…

60D.16 SUBSIDIARIES OF INSURERS. § Subdivision 1.Authorization. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business: (1) any kind of insurance business authori…

60D.17 ACQUISITION OF CONTROL OF OR MERGER WITH DOMESTIC INSURER. § Subdivision 1.Filing requirements. (a) No person other than the issuer shall: (1) make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to…

60D.18 ACQUISITIONS INVOLVING INSURERS NOT OTHERWISE COVERED. § Subdivision 1.Definitions. The following definitions apply for the purposes of this section only: (a) "Acquisition" means an agreement, arrangement, or activity the consummation of which results in a person acquiring…

60D.19 REGISTRATION OF INSURERS. § Subdivision 1.Registration. Every domestic insurer that is a member of an insurance holding company system shall register with the commissioner. Any insurer that is subject to registration under this section shall register within 15 days after i…

60D.195 GROUP CAPITAL CALCULATION. § Subdivision 1.Annual group capital calculation; exemption permitted. The commissioner may exempt the ultimate controlling person from filing the annual group capital calculation if the commissioner makes a determination that the insurance hold…

60D.20 STANDARDS AND MANAGEMENT OF AN INSURER WITHIN A HOLDING COMPANY SYSTEM. § Subdivision 1.Transactions within an insurance holding company system. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject t…

60D.21 EXAMINATION. § Subdivision 1.Power of commissioner. Subject to the limitation contained in this section and in addition to the powers that the commissioner has under chapter 60A relating to the examination of insurers, the commissioner shall also have the power to examine …

60D.215 SUPERVISORY COLLEGES. § Subdivision 1.Power of commissioner. With respect to any insurer registered under section 60D.19, and in accordance with subdivision 3, the commissioner may also participate in a supervisory college for a domestic insurer that is part of an insuran…

60D.217 GROUPWIDE SUPERVISION OF INTERNATIONALLY ACTIVE INSURANCE GROUPS. (a) The commissioner is authorized to act as the groupwide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the commissioner may otherwis…

60D.22 CONFIDENTIALITY. § Subdivision 1.Classification protection and use of information by commissioner. (a) Documents, materials, or other information in the possession or control of the department that are obtained by or disclosed to the commissioner or any other person in the…

60D.23 RULES. The commissioner may adopt the rules and orders that are necessary to carry out the provisions of this chapter. History: 1991 c 325 art 14 s 10

60D.24 INJUNCTIONS, PROHIBITIONS AGAINST VOTING SECURITIES, SEQUESTRATION OF VOTING SECURITIES. § Subdivision 1.Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed or is about to commit a …

60D.25 RECEIVERSHIP. Whenever it appears to the commissioner that any person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policy…

60D.26 RECOVERY. (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (1) from any parent corporation or holding company or person or affiliate who …

60D.27 REVOCATION, SUSPENSION, OR NONRENEWAL OF INSURER'S LICENSE. Whenever it appears to the commissioner that any person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the comm…

60D.28 JUDICIAL REVIEW, MANDAMUS. (a) Any person aggrieved by any act, determination, rule or order, or any other action of the commissioner pursuant to this chapter may appeal therefrom to the District Court for Ramsey County. The court shall conduct its review without a jury an…

60D.29 CONFLICT WITH OTHER LAWS. All laws and parts of laws of this state inconsistent with this chapter are superseded with respect to matters covered by this chapter. History: 1991 c 325 art 14 s 16

60D.30 ELIGIBILITY DETERMINATION. Section 302A.521, subdivision 3, applies to a corporation that is a member of an insurance holding company system, except if a determination for advancement is not made under section 302A.521, subdivision 6, clauses (1) to (4), the corporation th…

60D.50 PURPOSE AND SCOPE. (a) The purpose of sections 60D.50 to 60D.58 is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with…

60D.51 DEFINITIONS. § Subdivision 1.Scope. For purposes of sections 60D.50 to 60D.58, the terms in this section have the meanings given them. § Subd. 2.Insurance group. For the purpose of conducting an ORSA, "insurance group" means those insurers and affiliates included within an…

60D.52 RISK MANAGEMENT FRAMEWORK. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the…

60D.53 ORSA REQUIREMENT. Subject to section 60D.55, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA must be conducted no less than annually but also at …

60D.54 ORSA SUMMARY REPORT. § Subdivision 1.Required submission. Upon the commissioner's request and no more than once per year, an insurer shall submit to the commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the…

60D.55 EXEMPTION. § Subdivision 1.Annual premium levels. An insurer is exempt from the requirements of sections 60D.50 to 60D.58 if: (1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiu…

60D.56 CONTENTS OF ORSA SUMMARY REPORT. § Subdivision 1.Preparation and documentation. The ORSA Summary Report shall be prepared by the insurer consistent with the ORSA Guidance Manual, subject to the requirements of subdivision 2. Documentation and supporting information shall b…

60D.57 CONFIDENTIALITY. § Subdivision 1.Classification protection and use of information by commissioner. Documents, materials, or other information, including the ORSA Summary Report, in the possession of or control of the department that are obtained by, created by, or disclose…