reglab/housing_qa huggingface dataset:
MN Stat § 60C.22 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.22 — Notice For Policy Or Contract Not Covered.

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 or contract and the application: "THIS POLICY OR CONTRACT IS NOT PROTECTED BY THE MINNESOTA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION OR THE MINNESOTA INSURANCE GUARANTY ASSOCIATION. IN THE CASE OF INSOLVENCY, PAYMENT OF CLAIMS IS NOT GUARANTEED. ONLY THE ASSETS OF THIS INSURER WILL BE AVAILABLE TO PAY YOUR CLAIM." This section does not apply to fraternal benefit societies regulated under chapter 64B. History:  1992 c 540 art 2 s 11; 1993 c 248 s 1
MN Stat § 60D.09 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.09 — Penalties.

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 and paid into the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. Subd. 2. Failure to provide notice and filing regarding affiliated transaction or agreement; civil penalty. An insurer failing, without just cause, to provide the appropriate notice and filing under section 60D.20 regarding an affiliated transaction or agreement, shall pay a penalty of $5,000, to be recovered by the commissioner and paid into the general fund. Subd. 3. Certain contracts and agreements; cease and desist and void orders. Whenever it appears to the commissioner that an insurer subject to sections 60D.15 to 60D.29 or a director, officer, employee, or agent of an insurer has engaged in a transaction or entered into a contract that is subject to section 60D.20 and that would have been disapproved by the commissioner, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the commissioner may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public. Subd. 4. Criminal penalties. Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed a willful violation of sections 60D.15 to 60D.29, the commissioner may cause criminal proceedings to be instituted by the district court for the county in which the principal office of the insurer is located or if such insurer has no such office in the state, then by the District Court for Ramsey County against such insurer or the responsible director, officer, employee or agent thereof. Any person who willfully violates sections 60D.15 to 60D.29 shall be guilty, for the first offense, of a misdemeanor, and for each subsequent offense, of a gross misdemeanor. History:  1971 c 288 s 9; 1992 c 464 art 2 s 1; 2014 c 198 art 5 s 1
MN Stat § 60D.215 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.215 — Supervisory Colleges.

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 insurance holding company system with international operations in order to determine compliance by the insurer with sections 60D.15 to 60D.29. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following: (1) initiating the establishment of a supervisory college; (2) clarifying the membership and participation of other supervisors in the supervisory college; (3) clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a groupwide supervisor; (4) coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and (5) establishing a crisis management plan. Subd. 2. Expenses. Each registered insurer subject to this section is liable for and shall pay the reasonable expenses of the commissioner's participation in a supervisory college in accordance with subdivision 3, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of these expenses. A registered insurer's liability for expenses under this subdivision is limited to the actual, incurred costs of the commissioner's participation in their supervisory college. Subd. 3. Supervisory college. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with section 60D.21, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The commissioner may enter into agreements in accordance with section 60D.22 providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section delegates to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction. History:  2014 c 198 art 5 s 21; 1Sp2015 c 1 art 3 s 10
MN Stat § 60D.23 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.23 — Rules.

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
MN Stat § 60D.25 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.25 — Receivership.

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 policyholders or the public, then the commissioner may proceed as provided in chapter 60B to take possessions of the property of the domestic insurer and to conduct the business of that insurer. History:   1991 c 325 art 14 s 12
MN Stat § 60D.26 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.26 — Recovery.

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 otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock, or (2) any payment in the form of a bonus, termination settlement or extraordinary lump-sum salary adjustment made by the insurer or its subsidiary(s) to a director, officer, or employee, where the distribution or payment pursuant to clause (1) or (2) is made at any time during the one year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of paragraphs (b), (c), and (d). (b) No such distribution shall be recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations. (c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of distributions or payments under paragraph (a), the person received. Any person who otherwise controlled the insurer at the time the distributions were declared is liable up to the amount of distributions the person would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable. (d) The maximum amount recoverable under this subsection shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds. (e) To the extent that any person liable under paragraph (c) is insolvent or otherwise fails to pay claims due from it pursuant to this paragraph, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it. History:   1991 c 325 art 14 s 13
MN Stat § 60D.27 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.27 — Revocation, Suspension, Or Nonrenewal Of Insurer's License.

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 commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state for the period the commissioner finds is required for the protection of policyholders or the public. The determination must be accompanied by specific findings of fact and conclusions of law. History:   1991 c 325 art 14 s 14
MN Stat § 60D.28 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.28 — Judicial Review, Mandamus.

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 and by trial de novo, except that if all parties, including the commissioner, so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulated. (b) The filing of an appeal pursuant to this section shall stay the application of the rule, order, or other action of the commissioner to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that the stay would be detrimental to the interest of policyholders or the public. (c) Any person aggrieved by any failure of the commissioner to act or make a determination required by this chapter may petition the District Court for Ramsey County for a writ in the nature of a mandamus or a peremptory mandamus directing the commissioner to act or make this determination immediately. History:   1991 c 325 art 14 s 15
MN Stat § 60D.29 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.29 — Conflict With Other Laws.

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
MN Stat § 60D.30 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.30 — Eligibility Determination.

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 that is a member of an insurance holding company system may make the determination that a person is entitled to payment or reimbursement of expenses in advance of the final disposition of a proceeding upon receipt of a written affirmation as provided in section 302A.521, subdivision 3. History:   2005 c 74 s 7
MN Stat § 60D.50 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.50 — Purpose And Scope.

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 the commissioner. (b) Sections 60D.50 to 60D.58 apply to all insurers domiciled in this state unless exempt pursuant to section 60D.55. History:   2014 c 198 art 6 s 1
MN Stat § 60D.51 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.51 — Definitions.

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 insurance holding company system as defined in section 60D.15, subdivision 5. Subd. 3. Insurer. "Insurer" has the meaning given in section 60D.15, subdivision 6, except that it does not include agencies, authorities, or instrumentalities of the United States, its possessions or territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. Subd. 4. Own Risk and Solvency Assessment or ORSA. "Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan, and the sufficiency of capital resources to support those risks. Subd. 5. ORSA Guidance Manual. "ORSA Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA Guidance Manual is effective on the January 1 following the calendar year in which the changes have been adopted by the NAIC. Subd. 6. ORSA Summary Report. "ORSA Summary Report" means a confidential high-level summary of an insurer's or insurance group's ORSA. History:   2014 c 198 art 6 s 2
MN Stat § 60D.52 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.52 — Risk Management Framework.

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 insurer is a member maintains a risk management framework applicable to the operations of the insurer. History:   2014 c 198 art 6 s 3
MN Stat § 60D.53 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.53 — Orsa Requirement.

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 any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. History:   2014 c 198 art 6 s 4
MN Stat § 60D.54 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.54 — Orsa Summary Report.

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 ORSA Guidance Manual, applicable to the insurer or the insurance group of which it is a member. Notwithstanding any request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit the reports required by this subdivision if the commissioner is the lead state commissioner of the insurance group as determined by the procedures adopted by the National Association of Insurance Commissioners. Subd. 2. Attestation. The reports in subdivision 1 shall include a signature of the insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of the executive's belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee of the board. Subd. 3. Alternative compliance. An insurer may comply with subdivision 1 by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state, or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. A report in a language other than English must be accompanied by a translation of the report into the English language. History:   2014 c 198 art 6 s 5
MN Stat § 60D.56 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.56 — Contents Of Orsa Summary Report.

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 be maintained by the insurer and made available upon examination or upon request of the commissioner. Subd. 2. Review. The review of the ORSA Summary Report, and any additional requests for information, shall be made by the commissioner using similar procedures currently used in the analysis and examination of multistate or global insurers and insurance groups. History:   2014 c 198 art 6 s 7
MN Stat § 60D.58 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60D — Insurance Holding Company Systems|Section 60D.58 — Sanctions.

60D.58 SANCTIONS. An insurer failing, without just cause, to timely file the ORSA Summary Report as required in sections 60D.50 to 60D.58 shall pay a penalty of $1,000 for each day's delay to be recovered by the commissioner and to be paid into the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. History:   2014 c 198 art 6 s 9
MN Stat § 60E.01 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60E — Risk Retention Groups|Section 60E.01 — Purpose.

60E.01 PURPOSE. The purpose of sections 60E.01 to 60E.14 is to regulate the formation and operation of risk retention groups and purchasing groups in this state formed under the federal Liability Risk Retention Act of 1986, to the extent permitted by that law. History:  1987 c 192 s 1; 1993 c 299 s 11
MN Stat § 60E.03 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60E — Risk Retention Groups|Section 60E.03 — Risk Retention Groups Chartered In This State.

60E.03 RISK RETENTION GROUPS CHARTERED IN THIS STATE. A risk retention group shall be chartered and licensed to write only liability insurance pursuant to sections 60E.01 to 60E.14 and, except as provided elsewhere in sections 60E.01 to 60E.14, must comply with all of the laws, rules, and requirements applicable to insurers chartered and licensed in this state and with section 60E.04 to the extent those requirements are not a limitation on laws, rules, or requirements of this state. Notwithstanding any other provision to the contrary, all risk retention groups chartered in this state shall file with the department and the National Association of Insurance Commissioners (NAIC), an annual statement in a form prescribed by the NAIC, and in diskette form if required by the commissioner, and completed in accordance with its instructions and the NAIC accounting practices and procedures manual. Before it may offer insurance in a state, each risk retention group shall also submit for approval to the commissioner of commerce a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten days of a change. The group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of the plan or study is approved by the commissioner. At the time of filing its application for charter, the risk retention group shall provide to the commissioner in summary form the following information: the identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Upon receipt of this information, the commissioner shall forward the information to the National Association of Insurance Commissioners. Providing notification to the NAIC is in addition to and shall not be sufficient to satisfy the requirements of section 60E.04 or any other sections of this chapter. History:  1987 c 192 s 3; 1993 c 299 s 14