reglab/housing_qa huggingface dataset:
MN Stat § 60A.59 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.59 — Foreign Health Organizations.

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 would be required to be filed by a domestic health organization under sections 60A.50 to 60A.592; or (2) 15 days after the request is received by the foreign health organization. (b) A foreign health organization shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state. Subd. 2. RBC plan. In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign health organization as determined under the RBC statute applicable in the state of domicile of the health organization or, if no RBC statute is in force in that state, under sections 60A.50 to 60A.592, if the insurance commissioner of the state of domicile of the foreign health organization fails to require the foreign health organization to file an RBC plan in the manner specified under that state's RBC statute or, if no RBC statute is in force in that state, under section 60A.52, the commissioner may require the foreign health organization to file an RBC plan with the commissioner. In such event, the failure of the foreign health organization to file an RBC plan with the commissioner shall be grounds to order the health organization to cease and desist from writing new insurance business in this state. This section does not limit the commissioner's authority to require a foreign insurer to file a copy of the risk-based capital plan submitted to the commissioner in the state of domicile. Subd. 3. Liquidation of property. In the event of a mandatory control level event with respect to a foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign health organization, the commissioner may make application to the district court permitted under chapter 60B with respect to the liquidation of property of foreign health organizations found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application. History:   2004 c 285 art 1 s 10
MN Stat § 60A.591 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.591 — Immunity.

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 c 285 art 1 s 11
MN Stat § 60A.592 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.592 — Notices.

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 the health organization's receipt of notice. History:   2004 c 285 art 1 s 12
MN Stat § 60A.64 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.64 — Authorized Control Level Event.

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 its mandatory control level risk-based capital but less than its authorized control level risk-based capital; (2) the notification by the commissioner to the insurer of an adjusted risk-based capital report that indicates the event in clause (1), provided the insurer does not challenge the adjusted risk-based capital report under section 60A.66; (3) if, pursuant to section 60A.66, the insurer challenges an adjusted risk-based capital report that indicates the event in clause (1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge; (4) the failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, provided the insurer has not challenged the corrective order under section 60A.66; or (5) if the insurer has challenged a corrective order under section 60A.66 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner. Subd. 2. Commissioner's duties. In the event of an authorized control level event with respect to an insurer, the commissioner shall: (1) take the actions required under section 60A.63 regarding an insurer with respect to which a regulatory action level event has occurred; or (2) if the commissioner considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take the actions necessary to cause the insurer to be placed under regulatory control under chapter 60B. In the event the commissioner takes these actions, the authorized control level event is considered sufficient grounds for the commissioner to take action under chapter 60B, and the commissioner has the rights, powers, and duties with respect to the insurer set forth in chapter 60B. In the event the commissioner takes actions under this clause pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections afforded to insurers under section 60B.11 pertaining to summary proceedings. History:   1995 c 253 s 6
MN Stat § 60A.65 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.65 — Mandatory Control Level Event.

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 risk-based capital; (2) notification by the commissioner to the insurer of an adjusted risk-based capital report that indicates the event in clause (1), provided the insurer does not challenge the adjusted risk-based capital report under section 60A.66; or (3) if, pursuant to section 60A.66, the insurer challenges an adjusted risk-based capital report that indicates the event in clause (1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge. Subd. 2. Commissioner's duties. In the event of a mandatory control level event: (1) with respect to a life and/or health insurer, the commissioner shall take the actions necessary to place the insurer under regulatory control under chapter 60B. In that event, the mandatory control level event is considered sufficient grounds for the commissioner to take action under chapter 60B, and the commissioner has the rights, powers, and duties with respect to the insurer set forth in chapter 60B. If the commissioner takes actions pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections of section 60B.11 pertaining to summary proceedings. However, the commissioner may forgo action for up to 90 days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period; and (2) with respect to a property and casualty insurer, the commissioner shall take the actions necessary to place the insurer under regulatory control under chapter 60B, or, in the case of an insurer that is writing no business and that is running off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event is sufficient grounds for the commissioner to take action under chapter 60B, and the commissioner has the rights, powers, and duties with respect to the insurer set forth in chapter 60B. If the commissioner takes actions pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections of section 60B.11 pertaining to summary proceedings. However, the commissioner may forgo action for up to 90 days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period. History:   1995 c 253 s 7
MN Stat § 60A.66 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.66 — Hearings.

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 notification constitutes a regulatory action level event with respect to the insurer; (3) notification to an insurer by the commissioner that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer according to its risk-based capital plan or revised risk-based capital plan; or (4) notification to an insurer by the commissioner of a corrective order with respect to the insurer, the insurer has the right to a confidential hearing conducted in accordance with chapter 14, on a record, at which the insurer may challenge any determination or action by the commissioner. The insurer shall notify the commissioner of its request for a hearing within five days after the notification by the commissioner under clause (1), (2), (3), or (4). Upon receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing no less than ten nor more than 30 days after the date of the insurer's request. History:   1995 c 253 s 8
MN Stat § 60A.68 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.68 — Supplemental Provisions; Rules; Exemption.

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 commissioner may exempt from the application of sections 60A.60 to 60A.696 a domestic property and casualty insurer that: (1) writes direct business only in this state; (2) writes direct annual premiums of $2,000,000 or less; and (3) assumes no reinsurance in excess of five percent of direct premium written. History:   1995 c 253 s 10
MN Stat § 60A.69 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.69 — Foreign Insurers.

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 risk-based capital report would be required to be filed by a domestic insurer under sections 60A.60 to 60A.696; or (2) fifteen days after the request is received by the foreign insurer. A foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner copies of all risk-based capital plans that are filed by the insurer with the insurance commissioners of other states. Subd. 2. A risk-based capital plan requirement. In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign insurer as determined under the risk-based capital statute applicable in the state of domicile of the insurer, or, if no risk-based capital statute is in force in that state, under sections 60A.60 to 60A.696, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk-based capital plan in the manner specified under that state's risk-based capital statute, or, if no risk-based capital statute is in force in that state, under section 60A.62, the commissioner may require the foreign insurer to file a risk-based capital plan with the commissioner. In this event, the failure of the foreign insurer to file a risk-based capital plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state. This section does not limit the commissioner's authority to require a foreign insurer to file a copy of the risk-based capital plan submitted to the commissioner in the state of domicile. Subd. 3. Liquidation of property. In the event of a mandatory control level event with respect to a foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the district court permitted under chapter 60B with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event is adequate grounds for the application. History:   1995 c 253 s 11
MN Stat § 60A.695 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.695 — Immunity.

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. History:   1995 c 253 s 12
MN Stat § 60A.696 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.696 — Notices.

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 receipt of the notice. History:   1995 c 253 s 13
MN Stat § 60A.70 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.70 — Title.

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
MN Stat § 60A.72 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.72 — Books And Records; Reinsurance Intermediary-brokers.

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 contract, limits, underwriting restrictions, classes or risks, and territory; (2) period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation; (3) reporting and settlement requirements of balances; (4) rate used to compute the reinsurance premium; (5) names and addresses of assuming reinsurers; (6) rates of all reinsurance commissioners, including the commissions on any retrocessions handled by the RB; (7) related correspondence and memoranda; (8) proof of placement; (9) details regarding retrocessions handled by the RB including the identity of retrocessionaires and percentage of each contract assumed or ceded; (10) financial records, including, but not limited to, premium and loss accounts; and (11) when the RB procures a reinsurance contract on behalf of a licensed ceding insurer: (i) directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or (ii) if placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative. Subd. 2. Access by insurer. The insurer will have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer. History:   1991 c 325 art 11 s 5
MN Stat § 60A.725 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.725 — Duties Of Insurers Utilizing The Services Of A Reinsurance Intermediary-broker.

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, subdivision 1. (b) An insurer may not employ an individual who is employed by an RB with which it transacts business, unless the RB is under common control with the insurer and subject to chapter 60D. (c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business. History:   1991 c 325 art 11 s 6
MN Stat § 60A.735 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.735 — Prohibited Acts.

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 these retrocessions. These guidelines must include a list of reinsurers with which these automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules; (2) commit the reinsurer to participate in reinsurance syndicates; (3) appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which the producer is appointed; (4) without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year; (5) collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer; (6) jointly employ an individual who is employed by the reinsurer unless such RM is under common control with the reinsurer subject to chapter 60D; (7) appoint a sub-RM. History:   1991 c 325 art 11 s 8
MN Stat § 60A.74 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.74 — Duties Of Reinsurer Utilizing The Services Of A Reinsurance Intermediary-manager.

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 licensed as required by section 60A.71, subdivision 2. Subd. 2. Annual financial statements to be obtained. The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which the reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner. Subd. 3. Loss reserve opinions. If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion must be in addition to any other required loss reserve certification. Subd. 4. Binding authority. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM. Subd. 5. Notification of termination. Within 30 days of termination of a contract with an RM, the reinsurer shall provide written notification of the termination to the commissioner. Subd. 6. Restriction on board appointments. A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder, or subproducer of its RM. This subdivision does not apply to relationships governed by chapter 60D or, if applicable, the Business Transacted With Producer Controlled Insurer Act, sections 60J.06 to 60J.11. History:  1991 c 325 art 11 s 9; 1993 c 13 art 1 s 16; 2000 c 260 s 12
MN Stat § 60A.745 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.745 — Examination Authority; Reinsurance Intermediary - Broker.

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 commissioner. (b) An RM may be examined as if it were the reinsurer. History:   1991 c 325 art 11 s 10
MN Stat § 60A.75 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.75 — Violations.

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 60A.756, shall: (1) for each separate violation, pay a penalty in an amount not exceeding $5,000; and (2) be subject to revocation or suspension of its license. Subd. 2. Civil remedies. (a) If it was found that because of the violation the insurer or reinsurer has suffered loss or damage, the commissioner may maintain a civil action for recovery of compensatory damages for the benefit of the reinsurer or insurer and its policyholders and creditors or seek other appropriate relief. (b) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to chapter 60B, and the receiver appointed under that order determines that the reinsurance intermediary or any other person has violated sections 60A.70 to 60A.756, or any rule or order adopted under those sections, and the insurer suffered any loss or damage, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer. Subd. 3. Judicial review. The decision, determination, or order of the commissioner pursuant to subdivision 1 is subject to judicial review pursuant to chapter 14. Subd. 4. Other penalties. Nothing contained in this section affects the right of the commissioner to impose any other penalties provided in the insurance laws. History:  1991 c 325 art 11 s 11; 1995 c 214 s 11
MN Stat § 60A.755 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60A — General Insurance Powers|Section 60A.755 — Scope.

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