Source: https://www.revisor.mn.gov/statutes/cite/60D.19
Timestamp: 2020-01-27 17:31:48
Document Index: 726599715

Matched Legal Cases: ['art 5', 'art 5', 'art 5', 'art 5', 'art 5', 'art 5', 'art 14', 'art 5']

﻿ Sec. 60D.19 MN Statutes
Section 60D.19
60D.18 60D.20
2014 Subd. 1 Amended 2014 c 198 art 5 s 10
2014 Subd. 2 Amended 2014 c 198 art 5 s 11
2014 Subd. 3 Amended 2014 c 198 art 5 s 12
2014 Subd. 11 Amended 2014 c 198 art 5 s 13
2014 Subd. 11a New 2014 c 198 art 5 s 14
2014 Subd. 12 Amended 2014 c 198 art 5 s 15
2006 Subd. 1 Amended 2006 c 204 s 1
1994 Subd. 5 Repealed 1994 c 425 s 18
60D.19 REGISTRATION OF INSURERS.
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 it becomes subject to registration, and annually thereafter by June 1 of each year for the previous calendar year, unless the commissioner for good cause shown extends the time for registration, and then within such extended time. The commissioner may require any insurer authorized to do business in the state that is a member of an insurance holding company system, and that is not subject to registration under this section, to furnish a copy of the registration statement, the summary specified in subdivision 3 or other information filed by the insurance company with the insurance regulatory authority of domiciliary jurisdiction.
Subd. 2.Information and form required.
Every insurer subject to registration shall file the registration statement with the commissioner on a form and in a format prescribed by the National Association of Insurance Commissioners, containing the following current information:
(1) the capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer;
(2) the identity and relationship of every member of the insurance holding company system;
(3) the following agreements in force, and transactions currently outstanding or that have occurred during the last calendar year between the insurer and its affiliates:
(ii) purchases, sales, or exchange of assets;
(v) all management agreements, service contracts, and all cost-sharing arrangements;
(4) any pledge of the insurer's stock, including stock of any subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system;
(5) if requested by the commissioner, financial statements of or within an insurance holding company system and all affiliates including, but not limited to, annual audited financial statements filed with the United States Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. An insurer required to file financial statements pursuant to this clause may satisfy the request by providing the commissioner with the most recently filed parent corporation financial statements that have been filed with the SEC;
(6) other matters concerning transactions between registered insurers and any affiliates as may be included from time to time in any registration forms adopted or approved by the commissioner;
(7) statements that the insurer's board of directors oversees corporate governance and internal controls and that the insurer's officers or senior management have approved and implemented, and continue to maintain and monitor, corporate governance and internal control procedures; and
Subd. 3.Summary of changes to registration statement.
All registration statements must contain a summary outlining all items in the current registration statement representing changes from the prior registration statement.
Subd. 4.Materiality.
No information need be disclosed on the registration statement filed pursuant to subdivision 2 if the information is not material for the purposes of this section. Unless the commissioner by rule or order provides otherwise; sales, purchases, exchanges, loans or extensions of credit, investments, or guarantees involving one-half of one percent or less of an insurer's admitted assets as of the 31st day of December next preceding shall not be deemed material for purposes of this section.
[Repealed, 1994 c 425 s 18]
Subd. 6.Information of insurers.
Any person within an insurance holding company system subject to registration shall be required to provide complete and accurate information to an insurer where such information is reasonably necessary to enable the insurer to comply with the provisions of this chapter.
Subd. 7.Termination of registration.
The commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
Subd. 8.Consolidated filing.
The commissioner may require or allow two or more affiliated insurers subject to registration to file a consolidated registration statement.
Subd. 9.Alternative registration.
The commissioner may allow an insurer that is authorized to do business in this state and that is part of an insurance holding company system to register on behalf of any affiliated insurer that is required to register under subdivision 1 and to file all information and material required to be filed under this section.
The provisions of this section do not apply to any insurer, information, or transaction if and to the extent that the commissioner by rule or order shall exempt the same from the provisions of this section.
Subd. 11.Disclaimer.
Any person may file with the commissioner a disclaimer of affiliation with any authorized insurer or the disclaimer may be filed by the insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming the affiliation. A disclaimer of affiliation is deemed to have been granted unless the commissioner, within 30 days following receipt of a complete disclaimer, notifies the filing party that the disclaimer is disallowed. In the event of disallowance, the disclaiming party may request an administrative hearing, which must be granted. The disclaiming party is relieved of its duty to register under this section if approval of the disclaimer has been granted by the commissioner, or if the disclaimer is deemed to have been approved.
Subd. 11a.Enterprise risk filing.
The ultimate controlling person of an insurer subject to registration shall also file an annual enterprise risk report. The report must, to the best of the ultimate controlling person's knowledge and belief, identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer. The report must be filed with the lead state commissioner of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.
Subd. 12.Violations.
The failure to file a registration statement or any summary of the registration statement or enterprise risk filing required by this section within the time specified for the filing is a violation of this section.
1991 c 325 art 14 s 6; 2006 c 204 s 6; 2014 c 198 art 5 s 10-15