reglab/housing_qa huggingface dataset:
MN Stat § 60K.52 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60K — Insurance Producers|Section 60K.52 — Use And Sharing Of Licensing And Investigative Data.

60K.52 USE AND SHARING OF LICENSING AND INVESTIGATIVE DATA. Subdivision 1. Commissioner's authority. In order to assist in the performance of the commissioner's duties under sections 60K.30 to 60K.56, the commissioner: (1) may share licensing data or any active or inactive investigative data with other state, federal, and international regulatory agencies, with the National Association of Insurance Commissioners, its affiliates or subsidiaries, and with state, federal, and international law enforcement authorities if the recipient agrees to maintain the data in a manner consistent with its data classification; (2) may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the National Association of Insurance Commissioners, its affiliates or subsidiaries, and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material, or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material, or information; and (3) may enter into agreements governing sharing and use of information consistent with this subdivision. No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information occurs as a result of disclosure to the commissioner under this section or as a result of sharing as authorized in this subdivision. Nothing in sections 60K.30 to 60K.56 prohibits the commissioner from releasing information concerning final, adjudicated actions, including for-cause terminations, to a database or other clearinghouse service maintained by the National Association of Insurance Commissioners, its affiliates, or subsidiaries of the National Association of Insurance Commissioners. Subd. 2. Penalties for failing to report. An insurer, the authorized representative of the insurer, or a producer that fails to report as required under this section or that is found to have reported with actual malice by a court of competent jurisdiction may, after notice and hearing, have its license or certificate of authority suspended or revoked and may be fined in accordance with section 45.027. History:  2001 c 117 art 1 s 23; 2002 c 379 art 1 s 26
MN Stat § 60K.53 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60K — Insurance Producers|Section 60K.53 — Reciprocity.

60K.53 RECIPROCITY. Subdivision 1. Nonresident license waiver. The commissioner shall waive any requirements for a nonresident license applicant with a valid license from the applicant's home state, except the requirements imposed by section 60K.39, if the applicant's home state awards nonresident licenses to residents of this state on the same basis. Subd. 2. Continuing education requirements. A nonresident producer's satisfaction of that person's home state's continuing education requirements for licensed insurance producers constitutes satisfaction of this state's continuing education requirements if the nonresident producer's home state recognizes the satisfaction of its continuing education requirements imposed upon producers from this state on the same basis. History:   2001 c 117 art 1 s 24
MN Stat § 60K.54 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60K — Insurance Producers|Section 60K.54 — Reporting Of Actions.

60K.54 REPORTING OF ACTIONS. Subdivision 1. Administrative actions. A producer shall report to the commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within 30 days of the final disposition of the matter. This report must include a copy of the order, consent to order, or other relevant legal documents. Subd. 2. Criminal prosecutions. Within 30 days of the date criminal prosecution begins, a producer shall report to the commissioner any criminal prosecution of the producer taken in any jurisdiction. The report must include a copy of the initial complaint filed, the order resulting from the hearing, and any other relevant legal documents. In addition, a producer shall report to the commissioner within ten days any conviction, guilty plea, or plea of nolo contendere to any felony or gross misdemeanor. For purposes of this subdivision, the date the criminal prosecution begins is the date the indictment is returned or the date the criminal complaint is filed. History:  2001 c 117 art 1 s 25; 2014 c 198 art 4 s 5
MN Stat § 60L.04 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.04 — Authorized Investments.

60L.04 AUTHORIZED INVESTMENTS. Subdivision 1. Authorization. Subject to the provisions of sections 60L.01 to 60L.15, an insurer may loan or invest its funds, and may buy, sell, hold title to, possess, occupy, pledge, convey, manage, protect, insure, and deal with its investments, property, and other assets to the same extent as any other corporation or other person under the laws of this state or the United States. Subd. 2. Board of directors; duties. With respect to all of the insurer's investments, the board of directors of an insurer shall exercise the judgment and care, under the circumstances then prevailing, that persons of reasonable prudence, discretion, and intelligence exercise in the management of a like enterprise, not in regard to speculating but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Investments must be of sufficient value, liquidity, and diversity to ensure the insurer's ability to meet its outstanding obligations based on reasonable assumptions as to new business production for current lines of business. As part of its exercise of judgment and care, the board of directors shall take into account the prudence evaluation criteria specified under section 60L.05. Subd. 3. Internal controls. The insurer shall establish and implement internal controls and procedures to ensure compliance with investment policies and procedures to ensure that: (1) the insurer's investment staff and any consultants used are reputable and capable; (2) a periodic evaluation and monitoring process occurs for assessing the effectiveness of investment policy and strategies; (3) management's performance is assessed in meeting the stated objectives within the investment policy; and (4) appropriate analyses are undertaken of the degree to which asset cash flows are adequate to meet liability cash flows under different economic environments. The analyses must be conducted at least annually and make specific reference to economic conditions. Subd. 4. Compliance. Compliance with sections 60L.01 to 60L.15 is determined in light of the facts and circumstances existing at the time of the insurer's decision or action and not by hindsight. History:   1998 c 319 s 4
MN Stat § 60L.05 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.05 — Prudence Evaluation Criteria.

60L.05 PRUDENCE EVALUATION CRITERIA. The factors in clauses (1) to (12) shall be evaluated by the insurer and considered along with its business in determining whether an investment portfolio or investment policy is prudent. The commissioner shall consider the factors in clauses (1) to (12) before making a determination that an insurer's investment portfolio or investment policy is not prudent: (1) general economic conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences of investment decisions or strategies; (4) the fairness and reasonableness of the terms of an investment considering its probable risk and reward characteristics and relationship to the investment portfolio as a whole; (5) the extent of the diversification of the insurer's investments among individual investments, classes of investments, industry concentrations, dates of maturity, and geographic areas; (6) the quality and liquidity of investments in affiliates; (7) the investment exposure to the following risks, quantified in a manner consistent with the insurer's acceptable risk level identified in section 60L.06, clause (8): liquidity; credit and default; systemic (market); interest rate; call, prepayment and extension; currency; and foreign sovereign; (8) the amount of the insurer's assets, capital and surplus, premium writings, insurance in force, and other appropriate characteristics; (9) the amount and adequacy of the insurer's reported liabilities; (10) the relationship of the expected cash flows of the insurer's assets and liabilities, and the risk of adverse changes in the insurer's assets and liabilities; (11) the adequacy of the insurer's capital and surplus to secure the risks and liabilities of the insurer; and (12) any other factors relevant to whether an investment is prudent. History:   1998 c 319 s 5
MN Stat § 60L.06 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.06 — Insurer Investment Policy.

60L.06 INSURER INVESTMENT POLICY. In acquiring, investing, exchanging, holding, selling, and managing investments, an insurer shall establish and follow a written investment policy that must be reviewed and approved by the insurer's board of directors at least annually. The content and format of an insurer's investment policy are at the insurer's discretion, but must include written guidelines appropriate to the insurer's business as to the following: (1) the general investment policy of the insurer containing policies, procedures, and controls covering all aspects of the investing function; (2) quantified goals and objectives regarding the composition of classes of investments, including maximum internal limits; (3) periodic evaluation of the investment portfolio as to its risk and reward characteristics. This clause does not preclude an insurer from the use of modern portfolio theory to manage its investments. For purposes of this section, "modern portfolio theory" means the collection of models and applications that prescribe the maximization of expected returns for a given level of aggregate risk as the primary objective of investment portfolio management; (4) professional standards for the individuals making day-to-day investment decisions to ensure that investments are managed in an ethical and capable manner; (5) the types of investments to be made and those to be avoided, based on their risk and reward characteristics and the insurer's level of experience with the investments; (6) the relationship of classes of investments to the insurer's insurance products and liabilities; (7) the manner in which the insurer intends to implement section 60L.05; and (8) the level of risk, based on quantitative measures, appropriate for the insurer given the level of capitalization and expertise available to the insurer. History:   1998 c 319 s 6
MN Stat § 60L.07 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.07 — Authorized Classes Of Investments.

60L.07 AUTHORIZED CLASSES OF INVESTMENTS. The following classes of investments may be counted for the purposes specified in section 60L.11, whether they are made directly or as a participant in a partnership, joint venture, or limited liability company: (1) cash in the direct possession of the insurer or on deposit with a financial institution regulated by any federal or state agency of the United States; (2) bonds, debt-like preferred stock, and other evidences of indebtedness of governmental units in the United States or Canada, or the instrumentalities of the governmental units, or private business entities domiciled in the United States or Canada, including asset-backed securities and SVO listed mutual funds; (3) loans secured by mortgages, trust deeds, or other security interests in real property located in the United States or Canada or secured by insurance against default issued by a government insurance corporation of the United States or Canada or by an insurer authorized to do business in this state; (4) common stock or equity-like preferred stock or equity interests in any United States or Canadian business entity, or shares of mutual funds registered with the Securities and Exchange Commission of the United States under the Investment Company Act of 1940, other than SVO listed mutual funds; (5) real property necessary for the convenient transaction of the insurer's business; (6) real property and its fixtures, furniture, furnishings, and equipment in the United States or Canada, which produces or after suitable improvement can reasonably be expected to produce substantial income; (7) loans, securities, or other investments of the types described in clauses (1) to (6) in countries other than the United States and Canada; (8) bonds or other evidences of indebtedness of international development organizations of which the United States is a member; (9) loans upon the security of the insurer's own policies in amounts that are adequately secured by the policies and that in no case exceed the surrender values of the policies; (10) tangible personal property under contract of sale or lease under which contractual payments may reasonably be expected to return the principal of and provide earnings on the investment within its anticipated useful life; (11) other investments authorized by the commissioner; and (12) investments not otherwise permitted by this section, and not specifically prohibited by other law, to the extent of not more than five percent of the first $500,000,000 of the insurer's admitted assets plus ten percent of the insurer's admitted assets exceeding $500,000,000. History:   1998 c 319 s 7
MN Stat § 60L.09 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.09 — Protection Against Currency Fluctuations.

60L.09 PROTECTION AGAINST CURRENCY FLUCTUATIONS. An insurer doing business that requires it to make payments in different currencies shall have investments in securities in each of these currencies in an amount that independently of all other investments meets the requirements of sections 60L.01 to 60L.15 as applied separately to the insurer's obligations in each currency. The commissioner may by order exempt an insurer, or a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial solidity would be created by substantial fluctuations in relative currency values. History:   1998 c 319 s 9
MN Stat § 60L.10 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.10 — Prohibited Investments.

60L.10 PROHIBITED INVESTMENTS. Subdivision 1. Prohibitions. An insurer may not invest in investments that are prohibited for an insurer by law. The use of a derivative instrument for any purposes other than hedging, income generation, or replication is prohibited. Subd. 2. Disposal of prohibited asset. A reasonable time, not to exceed five years, must be allowed for disposal of a prohibited investment in hardship cases if the investment is demonstrated by the insurer to have been legal when made, or the result of a mistake made in good faith, or if the commissioner determines that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public. History:  1998 c 319 s 10; 2001 c 131 s 10
MN Stat § 60L.11 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.11 — Effect Of Investment Restrictions.

60L.11 EFFECT OF INVESTMENT RESTRICTIONS. Subdivision 1. Invested assets. Invested assets may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with sections 60L.01 to 60L.15 and orders issued by the commissioner. Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual statement value. Subd. 2. Admitted asset. An investment which is held as an admitted asset by an insurer on the date on which sections 60L.01 to 60L.15 begin to govern the insurer and which qualified as an admitted asset immediately before this date remain qualified as an admitted asset under sections 60L.01 to 60L.15. Subd. 3. Acquired assets. Assets acquired in the bona fide enforcement of creditors' rights or in bona fide workouts or settlements of disputed claims may be counted for the purposes of subdivision 1 for five years after acquisition if real property and three years if not real property, even if they could not otherwise be counted under sections 60L.01 to 60L.15. The commissioner may allow reasonable extensions of these periods if replacement of the assets within the periods would not be possible without substantial loss. Subd. 4. Liquidation and rehabilitation. If an insurer does not own, or is unable to apply toward compliance with sections 60L.01 to 60L.15, an amount of assets equal to its minimum asset requirement, the commissioner may consider it to be financially hazardous under section 60B.15; 60B.20; or 60G.20. History:   1998 c 319 s 11
MN Stat § 60L.12 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.12 — Reports And Replies.

60L.12 REPORTS AND REPLIES. Subdivision 1. Requirements. The commissioner may require any of the following from a person subject to regulation under sections 60L.01 to 60L.15: (1) statements, reports, answers to questionnaires and other information, and evidence in whatever reasonable form the commissioner designates, and at reasonable intervals as the commissioner chooses; (2) full explanation of the programming of any data storage or communication system in use; or (3) that information from any books, records, electronic data processing systems, computers, or any other information storage system be made available to the commissioner at a reasonable time and in a reasonable manner. Subd. 2. Forms. The commissioner may prescribe forms for the reports required under subdivision 1 and specify who shall execute or certify the reports. The forms for the reports required under subdivision 1 must be consistent, so far as practicable, with those prescribed by other jurisdictions. Subd. 3. Accounting. The commissioner may prescribe reasonable minimum standards and techniques of accounting and data handling to ensure that timely and reliable information will exist and will be available to the commissioner. Subd. 4. Prompt reply. Any officer, manager, or general agent of an insurer subject to sections 60L.01 to 60L.15, any person controlling or having a contract under which the person has a right to control the insurer, whether exclusively or otherwise, or a person with executive authority over or in charge of any segment of the insurer's affairs, shall reply promptly in writing or in other reasonably designated form, to a written inquiry from the commissioner requesting a reply. Subd. 5. Verified communication. The commissioner may require that any communication made to the commissioner under this section be verified. Subd. 6. No action for damages. A communication to the commissioner, or to an expert or consultant retained by the commissioner, required under sections 60L.01 to 60L.15, shall not subject the person making it to an action for damages for the communication in the absence of actual malice. Subd. 7. Information. Notwithstanding subdivision 6, the commissioner may bring suit against any person providing information required under sections 60L.01 to 60L.15 that is not truthful and accurate. History:   1998 c 319 s 12
MN Stat § 60L.13 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.13 — Retention Of Experts.

60L.13 RETENTION OF EXPERTS. The commissioner may retain at the insurer's expense attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff as may be reasonably necessary to assist in reviewing the insurer's investments. Persons so retained are under the direction and control of the commissioner and shall act in a purely advisory capacity. History:   1998 c 319 s 13
MN Stat § 60L.14 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.14 — Commissioner's Orders.

60L.14 COMMISSIONER'S ORDERS. Subdivision 1. Necessary changes. If the commissioner determines that an insurer's investment practices do not meet the requirements of sections 60L.01 to 60L.15, the commissioner may, after notification to the insurer of the commissioner's findings, order the insurer to make changes necessary to comply with the requirements of sections 60L.01 to 60L.15. Subd. 2. Additional restrictions. If the commissioner determines that by reason of the financial condition, current investment practice, or current investment plan of an insurer, the interests of insureds, creditors, or the general public are or may be endangered, the commissioner may impose reasonable additional restrictions upon the admissibility or valuation of investments or may impose restrictions on the investment practices of an insurer, including prohibition, divestment, or requiring investments by insurers to be governed by section 60A.11 in the case of insurers other than life insurers, and sections 61A.28; 61A.282, subdivision 2; 61A.283; 61A.29; 61A.31; and 61A.315 in the case of life insurers. Subd. 3. Additional assets. The commissioner may count toward satisfaction of the minimum asset requirement any assets in which an insurer is required to invest under the laws of a country other than the United States as a condition for doing business in that country if the commissioner finds that counting them does not endanger the interests of insureds, creditors, or the general public. Subd. 4. Adjustments. If the commissioner is satisfied by evidence of the solidity of an insurer and the competence of management and its investment advisors, the commissioner, after a hearing, may by order adjust the class limitations under section 60L.08, for that insurer, to the extent that the commissioner is satisfied that the interests of insureds, creditors, and the public are sufficiently protected in other ways. Adjustments to the class limitations granted under section 60L.08, in aggregate, are limited to an amount equal to ten percent of the insurer's liabilities. History:   1998 c 319 s 14
MN Stat § 60L.15 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60L — Investments Of Insurers|Section 60L.15 — Administrative Hearings.

60L.15 ADMINISTRATIVE HEARINGS. Subdivision 1. Authorization. An insurer aggrieved by an order or any other act or failure to act of the commissioner regarding compliance with sections 60L.01 to 60L.15, may request a hearing by following the procedures of chapter 14. Subd. 2. Private hearing. The commissioner shall hold hearings under this section privately unless the insurer requests a public hearing, in which case the hearing is public. History:   1998 c 319 s 15