reglab/housing_qa huggingface dataset:
MN Stat § 60C.02 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.02 — Scope, Purposes, And Construction.

60C.02 SCOPE, PURPOSES, AND CONSTRUCTION. Subdivision 1. Scope. This chapter applies to all kinds of direct insurance, except: (1) life; (2) annuity; (3) title; (4) accident and sickness; (5) credit; (6) vendor's single interest or collateral protection or any similar insurance protecting the interests of a creditor arising out of a creditor debtor transaction; (7) mortgage guaranty; (8) financial guaranty or other forms of insurance offering protection against investment risks; (9) ocean marine; (10) a transaction or combination of transactions between a person, including affiliates of the person, and an insurer, including affiliates of the insurer, that involves the transfer of investment or credit risk unaccompanied by transfer of insurance risk; (11) insurance provided by or guaranteed by government; or (12) insurance of warranties or service contracts, including insurance that provides for the repair, replacement, or services of goods or property, or indemnification for repair, replacement or service, for the operation or structural failure of the goods or property due to a defect in materials, workmanship or normal wear and tear, or provides reimbursement for the liability insured by the user of agreement or service contracts that provide these benefits. Subd. 2. Purposes. The purposes of this chapter are to provide a mechanism for the payment of covered claims under certain insurance policies and surety bonds, to the extent provided in this chapter, minimize excessive delay in payment and to avoid financial loss to claimants or policyholders because of the liquidation of an insurer, and to provide an association to assess the cost of the protection among insurers. Subd. 3. Construction. This chapter shall be liberally construed to effect the purposes stated in subdivision 2. History:  1971 c 145 s 2; 1975 c 359 s 23; 1976 c 185 s 1,2; 1982 c 424 s 12; 1988 c 541 s 1; 1991 c 325 art 6 s 2; 1994 c 426 s 10; 1997 c 52 s 1; 2003 c 74 s 1
MN Stat § 60C.04 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.04 — Creation.

60C.04 CREATION. All insurers subject to the provisions of this chapter shall form an organization to be known as the Minnesota Insurance Guaranty Association. All insurers defined as member insurers in section 60C.03, subdivision 6, are and shall remain members of the association as a condition of their authority to transact insurance business or to execute surety bonds in this state. An insurer's membership obligations under this chapter shall survive any merger, consolidation, restructuring, incorporation, or reincorporation. The association shall perform its functions under a plan of operation established and approved under section 60C.07 and shall exercise its powers through a board of directors established under section 60C.08. For purposes of administration and assessment the association shall be divided into five separate accounts: (1) the automobile insurance account, (2) the township mutuals account, (3) the fidelity and surety bond account, (4) the account for all other insurance to which this chapter applies, and (5) the workers' compensation insurance account. History:  1971 c 145 s 4; 1976 c 185 s 4; 1981 c 346 s 35; 1991 c 325 art 6 s 5
MN Stat § 60C.06 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.06 — Assessments.

60C.06 ASSESSMENTS. Subdivision 1. Determination of amount. The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year on the kinds of insurance in the account bear to the net direct written premiums of all member insurers for the preceding calendar year on the kinds of insurance in the account. No member insurer may be assessed in any year on any account in an amount greater than two percent of that member insurer's net direct written premiums for the preceding calendar year on the kinds of insurance in the account. Subd. 2. Insufficient amount. If the maximum assessment, together with the other assets of the association in any account, does not provide in any one year in any account an amount sufficient to make all necessary payments from that account, the funds available shall be prorated and the unpaid portion shall be paid as soon thereafter as funds become available. Subd. 3. Exemption or deferral. The association shall exempt or defer, in whole or in part, the assessment of any member insurer, if the commissioner determines that the assessment would cause the member insurer's financial statement to reflect amounts of capital or surplus less than the minimum amounts required for a certificate of authority by any jurisdiction in which the member insurer is authorized to transact insurance. Subd. 4. Set off. Each member insurer may set off against any assessment, authorized payments made on covered claims and expenses incurred in the payment of the claims by the member insurer if, in the absence of the payment, they would be chargeable to the account for which the assessment is made. Subd. 5.  [Repealed, 1988 c 541 s 14] Subd. 6.  [Repealed, 1997 c 52 s 15] History:  1971 c 145 s 6; 1978 c 465 s 9; 1987 c 268 art 2 s 13; 1988 c 541 s 7; 1991 c 325 art 6 s 6
MN Stat § 60C.07 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.07 — Plan Of Operation.

60C.07 PLAN OF OPERATION. Subdivision 1. Required submission. The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments thereto become effective upon written approval from the commissioner. If the association fails to submit a suitable plan of operation within 90 days following July 1, 1971, or if at any time thereafter the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and hearing, adopt and promulgate reasonable rules necessary to effectuate the provisions of this chapter. The rules continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner. Subd. 2. Contents. The plan of operation shall: (a) Establish the procedures whereby all the powers and duties of the association under section 60C.05 will be performed. (b) Establish procedures for handling assets of the association. (c) Establish the amount and method of reimbursement of members of the board of directors under section 60C.08, subdivision 3. (d) Establish procedures by which claims may be filed with the association. (e) Establish regular places and times for meetings for the board of directors. (f) Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors. (g) Provide that any member insurer aggrieved by any final action or decision of the association may appeal to the commissioner within 30 days after the action or decision. (h) Establish the procedures whereby selections for the board of directors will be submitted to the commissioner. (i) Contain additional provisions necessary or proper for the execution of the powers and duties of the association. (j) Establish procedures for the disposition of liquidating dividends or other money received from the estate of insolvent insurers. Subd. 3. Delegation authority. The plan of operation may provide that any or all powers and duties of the association, except those under section 60C.05, subdivisions 1, clause (b) and 2, clause (b), are delegated to a corporation, association or other organization which performs or will perform functions similar to those of this association, or its equivalent in two or more states. The corporation, association, or organization shall be reimbursed as a servicing facility would be reimbursed and shall be paid for its performance of any other functions of the association. A delegation under this subdivision shall take effect only with the approval of both the board of directors and the commissioner, and may be made only to a corporation, association or organization which extends protection not substantially less favorable and effective than that provided by this chapter. History:  1971 c 145 s 7; 1997 c 52 s 6; 2003 c 74 s 5
MN Stat § 60C.08 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.08 — Board Of Directors.

60C.08 BOARD OF DIRECTORS. Subdivision 1. Composition. The board of directors of the association shall consist of nine persons. Two of the directors shall be public members and seven shall be insurer members. The public members shall be appointed by the commissioner. Public members may include licensed insurance agents. The insurer members of the board shall be selected by association members subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term in the same manner as initial appointments. The term of appointment for all members is two years. Subd. 2. Commissioner's duty. In approving selections to the board, the commissioner shall consider among other things whether member insurers are fairly represented. Subd. 3. Member reimbursement. Members of the board may be reimbursed from the assets of the association for reasonable and necessary sums expended by them as members of the board of directors. History:  1971 c 145 s 8; 1Sp1985 c 10 s 55; 1987 c 337 s 31
MN Stat § 60C.10 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.10 — Evaluation Of Claims.

60C.10 EVALUATION OF CLAIMS. Subdivision 1. Board to determine. The board shall determine whether claims submitted for payment are covered claims. Subd. 2.  [Repealed, 1981 c 260 s 4] Subd. 3. Claim denial; notification of appeal and review rights. If the board finds that a claim for which the claimant has requested payment out of the fund is not a covered claim or the board reduces the amount of or rejects the claim, the board shall notify the claimant in writing of the rights the claimant has under section 60C.12. History:  1971 c 145 s 10; 1981 c 260 s 3; 1986 c 444
MN Stat § 60C.11 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.11 — Effect Of Paid Claims.

60C.11 EFFECT OF PAID CLAIMS. Subdivision 1. Assignment upon recovery. The rights under the policy of a person recovering under this chapter shall be deemed to have been assigned by the person to the association to the extent of the recovery. Subd. 2. Required cooperation. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the same extent as the insured would have been required to cooperate with the insurer. Subd. 3. Limitation on action against insured. The association has no cause of action against the insured of the insurer for any sums it has paid out except the causes of action the insurer would have had if the sums had been paid by the insurer. Subd. 4. Insurer operating on plan with assessment liability. In the case of an insurer operating on a plan with assessment liability, payments of claims of the association do not operate to reduce the liability of insureds to the receiver, liquidator or statutory successor for unpaid assessments. Subd. 5. Priority of claims expenses in liquidation proceedings. The expenses of the association or similar organization in handling claims are accorded the same priority as the liquidator's expenses. The association and a similar organization in another state must be recognized as claimants in the liquidation of an insolvent insurer for amounts paid by them on covered claims as determined under this chapter or similar laws in other states and must receive dividends and other distributions at the priority set forth in chapter 60B. The receiver, liquidator, or statutory successor of an insolvent insurer is bound by determinations of covered claim eligibility under this chapter and by settlements of claims made by the association or a similar organization in another state. The court having jurisdiction shall grant the claims priority equal to that which the claimant would have been entitled against the assets of the insolvent insurer in the absence of this chapter. Subd. 6. Statement of claims paid; periodic filing. The association shall periodically file with the receiver or liquidator of the insurer statements of the covered claims paid by the association and estimates of anticipated claims against the association which shall preserve the rights of the association against the assets of the insurer. Subd. 7. Authorized recovery in certain insolvencies. The association may recover the amount of any covered claim including claim handling expenses paid, resulting from insolvencies which occur after July 31, 1996, on behalf of an insured who has a net worth of $25,000,000 as provided in section 60C.09, subdivision 2, clause (3), on December 31 of the year immediately preceding the date the insurer becomes an insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under this chapter. History:  1971 c 145 s 11; 1986 c 444; 1996 c 446 art 2 s 8; 1997 c 52 s 8; 2003 c 74 s 7
MN Stat § 60C.12 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.12 — Appeal And Review.

60C.12 APPEAL AND REVIEW. Subdivision 1. Appeal. A claimant whose claim has been declared to be not covered or reduced by the board under section 60C.10 may appeal to the board within 30 days after the claimant has been notified of the board's decision and of the rights of the claimant under this section. Subd. 2. Review. Decisions of the board under subdivision 1 are subject to appeal to the commissioner of commerce who may overturn, affirm, or modify the board's actions or take other action the commissioner considers appropriate. The appeal to the commissioner must be in the manner provided in chapter 14. Subd. 3. Judicial review. A final action or order of the commissioner under this subdivision is subject to judicial review in the manner provided by chapter 14. In lieu of the appeal to the commissioner under subdivision 2, a claimant may seek judicial review of the board's actions. History:  1971 c 145 s 12; 1986 c 444; 1987 c 337 s 33
MN Stat § 60C.13 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.13 — Exhaustion Of Other Coverage.

60C.13 EXHAUSTION OF OTHER COVERAGE. Subdivision 1. Other policy coverage. Any person having a claim under another policy whether or not the policy is a policy of a member insurer, which claim arises out of the same facts which give rise to the covered claim, shall be first required to exhaust the person's right under the other policy. Any amount payable on a covered claim under this chapter shall be reduced by the amount of any recovery under such insurance policy. For purposes of this subdivision, another insurance policy does not include a workers' compensation policy. Subd. 2. Other guaranty association coverage. Any person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the state of residence of the insured except that if the claim is a first party claim for damage to property with a permanent location, that person shall seek recovery first from the association of the state in which the property is located, and if it is a workers' compensation claim, that person shall seek recovery first from the association of the residence of the claimant. Any recovery under this chapter shall be reduced by the amount of recovery from any other insurance guaranty association or its equivalent. History:  1971 c 145 s 13; 1986 c 444; 1988 c 541 s 9; 1991 c 325 art 6 s 8; 1997 c 52 s 9
MN Stat § 60C.14 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.14 — Duties And Powers Of Commissioner.

60C.14 DUTIES AND POWERS OF COMMISSIONER. Subdivision 1. Mandatory powers and duties. The commissioner shall: (a) Notify the association of the issuance of any order of liquidation of a member insurer not later than three days after the commissioner has knowledge of the issuance of the order. (b) Upon request of the board of directors provide the association with a statement of the net direct written premiums of each member insurer. Subd. 2. Optional powers and duties. The commissioner may: (a) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance or to execute surety bonds in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than $100 per month. (b) Revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily. (c) Disclose to the board of directors information regarding any member insurer, or any company seeking admission to transact insurance business in this state, whose financial condition may be hazardous to policyholders or to the public. This disclosure does not violate any data privacy requirement or any obligation to treat the information as privileged. This disclosure does not change the data privacy or privileged status of the information. Board members shall not disclose the information to anyone else or use the information for any purpose other than their duties as board members. Subd. 3. Judicial review. Any final action or order of the commissioner under this chapter shall be subject to judicial review in a court of competent jurisdiction. History:  1971 c 145 s 14; 1976 c 185 s 7; 1986 c 444; 1991 c 325 art 21 s 3; 1997 c 52 s 10
MN Stat § 60C.15 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.15 — Prevention Of Insolvencies.

60C.15 PREVENTION OF INSOLVENCIES. To aid in the detection and prevention of insurer insolvencies: (1) The board of directors may upon majority vote make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency. (2) The board of directors may, at the conclusion of any domestic insurer insolvency in which the association was obligated to pay covered claims, prepare and submit to the commissioner a report on the history and causes of the insolvency, based on the information available to the association. History:  1971 c 145 s 15; 1986 c 444; 1988 c 541 s 10; 1997 c 52 s 11
MN Stat § 60C.16 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.16 — Examination Of Association.

60C.16 EXAMINATION OF ASSOCIATION. The association is subject to examination and regulation by the commissioner. The board of directors shall submit each year a financial report for the preceding calendar year in a form approved by the commissioner. History:  1971 c 145 s 16; 2003 c 74 s 8
MN Stat § 60C.17 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.17 — Tax Exemption.

60C.17 TAX EXEMPTION. The association is exempt from payment of all taxes imposed under chapter 297I and all fees and all other taxes levied by this state or any of its subdivisions except taxes levied on real or personal property. History:  1971 c 145 s 17; 2000 c 394 art 2 s 9
MN Stat § 60C.18 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.18 — Recognition Of Assessments In Rates.

60C.18 RECOGNITION OF ASSESSMENTS IN RATES. Subdivision 1. Recognition required. The rates and premiums charged for insurance policies and fidelity and surety bonds to which this chapter applies may include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. The rates shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer. Subd. 2.  [Repealed, 2003 c 74 s 11] History:  1971 c 145 s 18; 1976 c 185 s 8; 1988 c 541 s 11; 2003 c 74 s 9
MN Stat § 60C.19 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.19 — Immunity.

60C.19 IMMUNITY. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or a person serving as an alternative or substitute representative of a director, or the commissioner, or the commissioner's representatives for action taken or a failure to act by them in the performance of their powers and duties under this chapter. History:  1971 c 145 s 19; 1986 c 444; 1997 c 52 s 12
MN Stat § 60C.195 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.195 — Stay Of Proceedings.

60C.195 STAY OF PROCEEDINGS. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in a court in this state shall, subject to waiver by the association in specific cases involving covered claims, be stayed for six months and additional time that may be determined by the court. The stay must run from the date of the final order of liquidation with a finding of insolvency is entered or an ancillary proceeding is instituted in the state, whichever is later. The proceedings are stayed to permit proper defense by the association of all pending causes of action. As to covered claims arising from a judgment under decision, verdict, or finding based on the default of the insolvent insurer or its failure to defend an insured, the association, either on its own behalf or on behalf of an insured, may apply to have the judgment, order, decision, verdict, or finding set aside by the same court or administrator that made the judgment, order, decision, verdict, or finding and must be permitted to defend the claim on the merits. The liquidator, receiver, or statutory successor of an insolvent insurer covered by this chapter must permit access by the board or its authorized representative to the insolvent insurer's records that are necessary for the board in carrying out its functions under this chapter with regard to covered claims. In addition, the liquidator, receiver, or statutory successor must provide the board or its representative with copies of those records upon request by the board and at the expense of the board. History:   1997 c 52 s 13
MN Stat § 60C.20 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 60C — Insurance Guaranty Association|Section 60C.20 — Unfair Trade Practices.

60C.20 UNFAIR TRADE PRACTICES. It is an unfair trade practice, subject to regulation under sections 72A.17 through 72A.32, for any insurer or agent to make use in any manner of the protection given policyholders by this chapter as a reason for buying insurance. History:   1971 c 145 s 20