Title Minnesota Statutes, Minnesota Statutes

66A.10 ADDITIONAL REQUIREMENTS. When the articles of incorporation of any mutual insurance company not having a guaranty fund of the amount required by section 66A.16, subdivision 2, provide, it may transact any and all kinds of business as set forth in section 60A.06, subdivisio…

66A.11 REVOCATION OF LICENSE. In case of the failure of any insurance company to comply with any of the provisions of sections 66A.08, 66A.09, 66A.10, 66A.14, 66A.15, and 66A.16, subdivisions 1 and 2, its right to transact insurance business in this state shall cease and it shall…

66A.12 MUTUAL FIRE COMPANIES; PREMIUMS; CONTINGENT LIABILITY. Every mutual fire company shall charge and collect on each policy a premium, in cash or in notes absolutely payable, or it may accept a deposit of cash equal to one year's premium on the policy issued and while the dep…

66A.13 MUTUAL FIRE COMPANIES; REQUIREMENTS WHEN NOTE GIVEN. Except as provided in section 66A.12, when a note or other written evidence of indebtedness is given for any premium due, or to become due, upon any insurance of property, except marine, the same shall be full payment th…

66A.14 DIVIDENDS. The board of directors of any mutual insurance company may from time to time fix and determine the amounts to be paid during the year as dividends or a refund of savings and gains to policyholders; provided, that no dividend or refund shall discriminate between …

66A.15 ASSESSMENTS. § Subdivision 1.Mutual fire insurance companies. When the net assets of any mutual insurance company are insufficient for the payment of incurred losses and expenses above its unearned premium reserve, as provided by law, it shall make an assessment for the am…

66A.16 GUARANTY FUNDS. § Subdivision 1.Mutual fire insurance companies. A mutual fire insurance company may be formed with, or an existing fire insurance company may establish, a guaranty fund divided into certificates of $10 each, or multiples thereof, and this guaranty fund sha…

66A.17 MUTUAL FIRE INSURANCE COMPANIES; PROVISIONS AS TO POLICIES LAPSING. Any mutual company insuring property may provide by its certificate or bylaws that upon failure by any member for 60 days after notification thereof to pay any premium or assessment made upon the member's …

66A.18 VOTING AND NOTICE. Required contract provisions concerning voting and notice are contained in section 66A.07. History: 1967 c 395 art 7 s 18

66A.19 CONTINGENT LIABILITY. Required contract provisions concerning contingent liability of the policyholder are contained in sections 66A.12 and 66A.15, subdivision 2. History: 1967 c 395 art 7 s 19

66A.21 DOMESTIC MUTUAL INSURANCE COMPANIES, SEPARATION OF ASSESSABLE AND NONASSESSABLE BUSINESSES. § Subdivision 1.Choice of methods. Any domestic mutual insurance corporation which transacts its business partly on an assessable basis and partly on a nonassessable basis, may sepa…

66A.215 SPECIAL PROVISIONS RELATING TO HAIL, TORNADO, AND CYCLONE COMPANIES. Sections 66A.221 to 66A.31 apply only to hail, tornado, and cyclone companies. History: 2005 c 69 art 2 s 17,18

66A.221 ORGANIZATION. § Subdivision 1.Initial requirements. No company for insurance against loss or damage by hail, tornadoes, cyclones, and hurricanes, or any of these causes, shall issue any policy until at least $200,000 of insurance, in not less than 400 separate risks, upon…

66A.23 ASSESSMENTS; NOTICE; PAYMENTS; COLLECTION. When any assessment has been completed the secretary shall immediately notify each member by mail directed to the member's last known address of the purpose and amount of such assessment and of the member's share thereof, and the …

66A.24 OFFICERS; DUTIES; COMPENSATION; BONDS. The officers shall perform such duties, receive such compensation, and give such bonds as shall be provided in the bylaws or fixed by the directors; but no salary, past or future, shall be increased except by majority vote of all memb…

66A.25 PROXIES; RESTRICTIONS. No proxy shall be received unless dated and actually executed within the preceding 30 days and filed with the secretary at least ten days before the meeting, nor if made to any director or officer. History: 1967 c 395 art 7 s 25

66A.26 PROPERTY INSURABLE. No such company shall insure any other property than country churches and school houses, farm dwellings, mutual or cooperative creameries, cheese factories, barns, and other buildings, and hay, grain, and other farm products therein, or stored or growin…

66A.27 LIMITATION ON EXPENSES. No such company shall incur, lay out, or expend, in any one calendar year, as and for the expenses of conducting this business, more than its application or survey fees and 40 percent of its total premiums or assessments actually collected. No compa…

66A.28 REPORTS; DELINQUENCY; POWERS OF COMMISSIONER. The commissioner shall demand a report of any such company when in the commissioner's judgment the interest of the public or policyholders so require; and the proper officers of the company shall make prompt reply to the demand…

66A.29 ARBITRATION REQUIRED. Every policy must provide as follows: "In case of loss under this policy and failure of the parties to agree as to the amount of the loss, it is mutually agreed that, on written demand of either party, the company and the insured each shall select a c…

66A.30 TRANSFER OF RISKS AND REINSURANCE. Every company may transfer its risks to, or reinsure them in, any other domestic or foreign company at the time authorized to do such business in this state, on the mutual or stock plan, by a contract of transfer or reinsurance approved b…

66A.31 MERGER AND CONSOLIDATION. Any such mutual company may at any time merge or consolidate with other companies as provided under section 60A.16. History: 1967 c 395 art 7 s 31

66A.311 EXEMPTION; FIRE, HAIL, AND TORNADO ASSOCIATIONS MAINTAINED BY MEMBERS OF ONE RELIGIOUS DENOMINATION. The members of any one church, or of any one religious denomination, may maintain for the exclusive benefit of the members thereof an unincorporated association for the mu…

66A.32 PREREQUISITES OF LIFE COMPANIES. No mutual life company shall be qualified to issue any policy until applications for at least $200,000 of insurance, upon lives of at least 200 separate residents, have been actually and in good faith made, accepted, and entered upon its bo…

66A.33 TEMPORARY CAPITAL STOCK OF MUTUAL LIFE COMPANIES. A new mutual life insurance company which has complied with the provisions of section 66A.32 or an existing mutual life insurance company may establish, a temporary capital of, such amount not less than $100,000, as may be …

66A.40 MUTUAL INSURANCE HOLDING COMPANIES. § Subdivision 1.Formation. (a) A domestic mutual insurance company, upon approval of the commissioner, may reorganize by forming an insurance holding company based upon a mutual plan and continuing the corporate existence of the reorgani…

66A.41 MUTUAL COMPANY CONVERSION TO STOCK COMPANY. § Subdivision 1.Definitions. (a) For the purposes of this section, the terms in this subdivision have the meanings given them. (b) "Converting mutual insurer" means a Minnesota domestic mutual insurance company seeking to reorgan…

67.08 [Omitted, duplicate of first two paragraphs of 67.35]

67A.01 NUMBER OF MEMBERS REQUIRED, PROPERTY AND TERRITORY. § Subdivision 1.Number of members. It shall be lawful for any number of persons, not less than 25, residing in adjoining counties in this state, who shall collectively own property worth at least $50,000, to form themselv…

67A.02 CERTIFICATE OF INCORPORATION. § Subdivision 1.Contents. The persons who desire to form a township mutual fire insurance company, as defined in section 67A.01, shall make, sign, and acknowledge before some officer competent to take acknowledgments of deeds a certificate of …

67A.03 CORPORATE EXISTENCE. The corporate existence of any township mutual fire insurance company heretofore or hereafter organized may be made perpetual by so providing in its articles of incorporation. History: 1967 c 395 art 8 s 3; 1975 c 15 s 2

67A.04 AMENDMENTS TO CERTIFICATE OF INCORPORATION. The certificate of incorporation of any township mutual fire insurance company may be amended in respect to any matter which the original certificate of incorporation might lawfully have contained, or which is authorized by the p…

67A.05 BYLAWS. § Subdivision 1.Bylaws required. The first board of directors shall adopt bylaws, which shall remain effective until and except as amended by the members at any regular or special meeting called therefor. § Subd. 2.Filing of bylaws and amendments. Every township mu…

67A.06 POWERS OF CORPORATION. Every corporation formed under the provisions of sections 67A.01 to 67A.26, shall have power: (1) to have succession by its corporate name for the time stated in its certificate of incorporation; (2) to sue and be sued in any court; (3) to have and u…

67A.07 PRINCIPAL OFFICE. The principal office of a township mutual fire insurance company shall be located in a county in which the company is authorized to do business. History: 1967 c 395 art 8 s 7; 1973 c 123 art 5 s 7; 1975 c 15 s 4; 2009 c 37 art 3 s 20

67A.08 BOARD OF DIRECTORS. Each company shall choose of its members no less than five, and not more than nine, directors to manage the affairs of the company, who shall hold their office for such period as may be fixed by the bylaws of the company, not exceeding three years, and …

67A.09 OFFICERS. § Subdivision 1.How elected or chosen. The directors shall choose one of their number as president, one as vice-president, and one as secretary; they shall also choose a treasurer, who need not be a member of the board, but must be a member of the company. They m…

67A.10 RIGHTS OF CERTAIN MEMBERS. Nonresidents owning property in the territory where any such company is authorized to do business may become a member with all the rights thereof except eligibility to office. History: 1967 c 395 art 8 s 10; 1975 c 15 s 6

67A.11 ANNUAL MEETING. § Subdivision 1.Date and fiscal year. The annual meeting of every such company shall be held before July first in each year, and the fiscal year of the company shall be from the first day of January through the thirty-first day of the following December. § …

67A.12 APPLICATIONS. § Subdivision 1.Who may accept. The president, secretary, treasurer, or chosen manager may accept all applications and sign and issue policies, agreeing in the name of the company to pay all losses and damages, not exceeding the sums named in the policies, su…

67A.13 TYPES OF INSURANCE AUTHORIZED. A township mutual fire insurance company shall insure only against loss or damage by fire, lightning, explosion, flood, earthquake, theft, vandalism, collapse, upset, overturn, collision, riot, riot attending a strike, civil commotion, aircra…

67A.14 INSURABLE PROPERTY. § Subdivision 1.Kinds of property; property outside authorized territory. (a) Township mutual fire insurance companies may insure qualified property. Qualified property means dwellings, household goods, appurtenant structures, farm buildings, farm perso…

67A.15 CLASSIFICATION OF PROPERTY. Every such company may classify property insured under different rates, corresponding as nearly as possible to the greater or less risk from fire by reason of location or construction, and issue its policies in accordance with these differences.…

67A.161 APPRAISAL OF DISPUTED LOSSES. If a township mutual fire insurance company and an insured fail to agree on the actual cash value of an item or amount of a loss, on written demand by either party, the insured and the company shall each, within 20 days of the demand, select …

67A.175 SURPLUS REQUIREMENTS. § Subdivision 1.Minimum. Township mutual fire insurance companies shall maintain a minimum policyholders' surplus of $300,000 at all times. § Subd. 2.Corrective action plan; filing. A township mutual fire insurance company that falls below the $300,0…

67A.18 TERMINATION. § Subdivision 1.By member. Any member may terminate membership in the company by giving written notice or returning the member's policy to the secretary. § Subd. 2.By company. The company may annul and cancel any policy after giving not less than ten days' wri…