reglab/housing_qa huggingface dataset:
MN Stat § 64B.40 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.40 — Definitions.

64B.40 DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 64B.40 to 64B.48, the terms defined in this section have the meanings given them. Subd. 2. Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner according to section 64B.41, subdivision 3. Subd. 3. Corrective order. "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. Subd. 4. NAIC. "NAIC" means the National Association of Insurance Commissioners. Subd. 5. Negative trend. "Negative trend" means, with respect to a society, negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions. Subd. 6. Risk-based capital instructions. "Risk-based capital instructions" means the risk-based capital report including risk-based capital instructions adopted by the NAIC, as those risk-based instructions may be amended by the NAIC from time to time according to the procedures adopted by the NAIC. Subd. 7. Risk-based capital level. "Risk-based capital level" means a fraternal action level risk-based capital or fraternal authorized control level risk-based capital where: (1) "fraternal action level risk-based capital" means the product of 2.0 and its authorized control level risk-based capital; and (2) "fraternal authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions. Subd. 8. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 64B.42. If the commissioner rejects the risk-based capital plan, and it is revised by the society, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan." Subd. 9. Risk-based capital report. "Risk-based capital report" means the report required in section 64B.41. Subd. 10. Society. "Society" means a fraternal benefit society that is admitted to do business in this state under this chapter. Subd. 11. Total adjusted capital. "Total adjusted capital" means the sum of: (1) a society's statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual statement required to be filed under section 60A.13; and (2) other items, if any, as the risk-based capital instructions may provide. History:   2010 c 275 art 2 s 2
MN Stat § 64B.41 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.41 — Risk-based Capital Reports.

64B.41 RISK-BASED CAPITAL REPORTS. Subdivision 1. General requirements. Every society shall, on or before each March 1, prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing the information required by the risk-based capital instructions. In addition, every society shall file its risk-based capital report with the NAIC according to the risk-based capital instructions. Subd. 2. Specific requirements. A society's risk-based capital must be determined according to the formula set forth in the risk-based capital instructions. The formula must take into account, and may adjust for the covariance between: (1) the risk with respect to the society's assets; (2) the risk of adverse insurance experience with respect to the society's liabilities and obligations; (3) the interest rate risk with respect to the society's business; and (4) all other business risks and other relevant risks set forth in the risk-based capital instructions; determined in each case by applying the factors in the manner set forth in the risk-based capital instructions. Subd. 3. Adjusted risk-based capital report. If a society files a risk-based capital report that in the judgment of the commissioner is inaccurate, then the commissioner shall adjust the risk-based capital report to correct the inaccuracy and shall notify the society of the adjustment. The notice must contain a statement of the reason for the adjustment. A risk-based capital report as so adjusted is referred to as an "adjusted risk-based capital report." History:   2010 c 275 art 2 s 3
MN Stat § 64B.44 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.44 — Hearings.

64B.44 HEARINGS. Upon notification to a society by the commissioner: (1) that the risk-based capital report is being adjusted by the commissioner; (2) that the society's risk-based capital plan or revised risk-based capital plan is unsatisfactory, and that the notification constitutes a fraternal action level event or fraternal authorized control level event with respect to the society; (3) that the society 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 society to eliminate the fraternal action level event with respect to the society according to its risk-based capital plan or revised risk-based capital plan; or (4) that a corrective order will be issued with respect to the society; the society has the right to a contested case hearing conducted in accordance with chapter 14, on a record, at which the society may challenge a determination or action by the commissioner. The society 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 society'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 society's request. History:   2010 c 275 art 2 s 6
MN Stat § 64B.45 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.45 — Prohibition On Announcements.

64B.45 PROHIBITION ON ANNOUNCEMENTS. Except as otherwise required under sections 64B.40 to 64B.48, the making, publishing, dissemination, circulating, or placing before the public, or causing, directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in any other way, an advertisement, announcement, or statement containing an assertion, representation, or statement with regard to the risk-based capital levels of a society, or of any component derived in the calculation, by a society, agent, broker, or other person engaged in any manner in the insurance business would be misleading and is prohibited. History:   2010 c 275 art 2 s 7
MN Stat § 64B.46 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.46 — Supplemental Provisions.

64B.46 SUPPLEMENTAL PROVISIONS. Sections 64B.40 to 64B.48 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. History:   2010 c 275 art 2 s 8
MN Stat § 64B.47 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.47 — Immunity.

64B.47 IMMUNITY. There is no liability on the part of, and no cause of action arises against, the commissioner or the Department of Commerce or its employees or agents for an action taken by them in the performance of their powers and duties under sections 64B.40 to 64B.48. History:   2010 c 275 art 2 s 9
MN Stat § 64B.48 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 64B — Fraternal Benefit Societies|Section 64B.48 — Notices.

64B.48 NOTICES. All notices by the commissioner to a society that may result in regulatory action under sections 64B.40 to 64B.48 are effective upon dispatch if transmitted by registered or certified mail, or, in the case of other transmission, are effective upon the society's receipt of the notice. History:   2010 c 275 art 2 s 10
MN Stat § 65A.02 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.02 — Joint Policy.

65A.02 JOINT POLICY. When two or more authorized companies unite in the issue of a joint policy, the heading thereof may show the severalty of the contract, and the policy shall show the proportion of premiums to be paid to each, and the proportion of liability which each assumes, and shall contain a provision to the effect that service of process, or any notice or proof of loss required by such policy, upon any of the insurers executing such policy, shall be deemed to be service upon all such insurers. History:   1967 c 395 art 6 s 2
MN Stat § 65A.03 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.03 — Binders, Temporary Insurance.

65A.03 BINDERS, TEMPORARY INSURANCE. Subdivision 1. Generally. Binders or other contracts for temporary insurance may be made orally or in writing, and shall be deemed to include all the terms of such standard fire insurance policy and all such applicable endorsements as may be designated in such contract of temporary insurance; except that the clause specifying the hour of the day at which the insurance shall commence, may be superseded by the express terms of such contract of temporary insurance. Subd. 2. Evidence for property purchase financing. A duly authorized binder shall be acceptable as evidence of insurance coverage required as a condition of financing the purchase of real or personal property, provided that a mortgagee or lender shall not be required to accept renewal or extension thereof. This section does not require the approval of a binder by any person, firm, corporation, trustee, director, officer, agent, or employee, where there are reasonable grounds for believing that the insurance evidenced by the binder is unsatisfactory as to placement with an unauthorized insurer, the financial solvency of the insurer, adequacy of the coverage, adequacy of the insurer to assume the risk to be insured, the assessment feature to which the policy is subject, or other grounds which are not arbitrary, unreasonable, or discriminatory, nor does this section forbid the securing of insurance or a renewal thereof at the request of the borrower or because of the borrower's failure to furnish necessary insurance or renewal thereof. Subd. 3. Penalty. If any person, firm, corporation, trustee, director, officer, agent, or employee, refuses to accept a duly authorized binder pursuant to subdivisions 1 and 2, the commissioner of commerce may issue an order requiring acceptance and impose a civil penalty of $500 per violation. History:  1967 c 395 art 6 s 3; 1984 c 592 s 51; 1987 c 337 s 90
MN Stat § 65A.04 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.04 — Effect On Section 65a.08.

65A.04 EFFECT ON SECTION 65A.08. Nothing in the preceding sections of this chapter shall be construed to limit the effect of or in any way modify or repeal section 65A.08. History:   1967 c 395 art 6 s 4
MN Stat § 65A.05 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.05 — Nuclear Reaction, Radiation Or Radioactive Contamination; Endorsement.

65A.05 NUCLEAR REACTION, RADIATION OR RADIOACTIVE CONTAMINATION; ENDORSEMENT. Loss or damage caused by nuclear reaction, nuclear radiation or radioactive contamination, all whether directly or indirectly resulting from an insured peril under the standard policy issued pursuant to sections 65A.01, 65A.02, 65A.03, and 65A.04, may be insured under said policy only by a written endorsement providing such insurance, with such endorsement affixed to said standard policy. History:   1967 c 395 art 6 s 5
MN Stat § 65A.06 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.06 — Motor Vehicle, Ocean And Inland Marine Policies.

65A.06 MOTOR VEHICLE, OCEAN AND INLAND MARINE POLICIES. Insurance on automobiles, motorcycles, other motor vehicles, or on property insured by ocean marine, and inland marine policies as defined by section 70A.03, clause (3), against loss or damage by fire, when combined in one policy with insurance against one or more of the other hazards mentioned in section 60A.06, subdivision 1, clause (1), need not be in accordance with section 65A.01, but in no event shall this section be applicable to insurance on buildings or structures. History:  1967 c 395 art 6 s 6; 1971 c 24 s 10
MN Stat § 65A.061 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.061 — Creditors Limited To Existing Insurance.

65A.061 CREDITORS LIMITED TO EXISTING INSURANCE. When a creditor requires a debtor to provide insurance on real or personal property security against reasonable risks of loss, damage, or destruction, no insurance shall be sold or placed by or through the creditor if the debtor provides the creditor with a loss payable through existing policies of insurance that the debtor owns or controls. This section does not apply if the existing insurance is in an amount less than the amount of indebtedness to be secured on the real or personal property. This section does not prevent the disapproval of the insurer or a policy of insurance where there are reasonable grounds for believing that the insurer is insolvent or that the insurance is unsatisfactory as to placement with an unauthorized insurer, adequacy of the coverage, adequacy of the insurer to assume the risk to be insured, the assessment features to which the policy is subject, or other grounds that are based on the nature of the coverage and that are not arbitrary, unreasonable, or discriminatory. This section does not prevent a mortgage lender or mortgage servicer from requiring that a policy of insurance or renewal of the policy be in conformance with standards of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, nor does this section forbid the securing of a policy of insurance or a renewal of the policy at the request of the borrower or because of the borrower's failure to furnish the necessary insurance or renewal. This section supersedes any inconsistent provision of law to the contrary. History:   1989 c 330 s 25
MN Stat § 65A.07 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.07 — Cancellation Of Fire Policy.

65A.07 CANCELLATION OF FIRE POLICY. Any fire insurance company which has not collected the premium on its policy at the time of the delivery thereof may print or endorse, or attach by rider, on its policy the following clause: "If the insured hereunder shall not have actually paid the premium hereon, or any part thereof, within 60 days from the date of this policy, then this policy may be canceled by the insurer by giving five days' written notice to the insured and to the mortgagee, or other person to whom the policy is made payable, if any, without tendering any part or portion of such premium, anything to the contrary in the policy contract notwithstanding." History:   1967 c 395 art 6 s 7
MN Stat § 65A.08 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.08 — Special Provisions.

65A.08 SPECIAL PROVISIONS. Subdivision 1.  [Repealed, 1979 c 175 s 1] Subd. 2. Amount collectible. (a) In the absence of any change increasing the risk, without the consent of the insurer, of which the burden of proof shall be upon it, and in the absence of intentional fraud on the part of the insured, the insurer shall pay the whole amount mentioned in the policy or renewal upon which it receives a premium, in case of total loss, and in case of partial loss, the full amount thereof. (b) Notwithstanding paragraph (a), on a policy issued by the Minnesota FAIR plan under section 65A.36, the Minnesota FAIR plan may contest the whole amount set forth in the policy in the case of a total loss. If the Minnesota FAIR plan takes the position that the value of the property was less than the whole amount set forth in the policy, the Minnesota FAIR plan has the burden of proving by clear and convincing evidence that the value was less than that set forth in the policy. If the Minnesota FAIR plan pays less than the whole amount mentioned in the policy for a total loss, pursuant to this paragraph, the Minnesota FAIR plan shall refund to the insured the premium paid attributable to the difference between the whole amount mentioned in the policy and the amount paid for the total loss. Subd. 3. Agreement on amount of loss. Policies on farm buildings or other structures may, in consideration of a reduction in the premium by the company, include a provision determining the amount of loss in connection with repair or replacement of the insured property. Subd. 4. Prorating provided. If there are two or more policies upon the property, each shall contribute to the payment of the whole or partial loss in proportion to the amount specified. Subd. 5. Coinsurance provision. Any policy may contain a coinsurance clause, if the insured requests the same, in writing, of which fact such writing shall be the only evidence, and if, in consideration thereof, a reduction in the rate of premium is made by the company. When so demanded and attached to the policy, this agreement shall be binding upon both the insured and the company, and, in case of loss, the actual cash value of the property so insured at the time of the loss, including the buildings, shall be the basis for determining the proper amount of the coinsurance, and the amount of loss, notwithstanding any previous valuation of the building. Subd. 6. Term of policies. No company shall knowingly issue any policy upon property in this state for a longer term than five years. History:  1967 c 395 art 6 s 8; 2005 c 66 s 1; 1Sp2005 c 7 s 1
MN Stat § 65A.09 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.09 — Insurance In Excess Of Replacement Cost.

65A.09 INSURANCE IN EXCESS OF REPLACEMENT COST. Subdivision 1. Insurance limited. No company shall knowingly issue any policy upon property in this state for an amount which, together with any existing insurance thereon, exceeds the replacement cost of the buildings and any other covered improvements on the property. Any company willfully insuring property for more than that amount shall forfeit to the state, for the benefit of the school fund, double the premium collected on the policy. Subd. 2. Lenders; excess insurance. No mortgage company, bank, savings association, finance company, or other mortgage lender of any kind may require insurance coverage in violation of section 72A.31, subdivision 1, clause (4). Any lender that willfully violates this subdivision is subject to penalties available under chapter 45. History:  1967 c 395 art 6 s 9; 2002 c 295 s 1
MN Stat § 65A.10 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.10 — Limitation.

65A.10 LIMITATION. Subdivision 1. Buildings. Nothing contained in sections 65A.08 and 65A.09 shall be construed to preclude insurance against the cost, in excess of actual cash value at the time any loss or damage occurs, of actually repairing, rebuilding or replacing the insured property. Subject to any applicable policy limits, where an insurer offers replacement cost insurance: (i) the insurance must cover the cost of replacing, rebuilding, or repairing any loss or damaged property in accordance with the minimum code as required by state or local authorities; and (ii) the insurance coverage may not be conditioned on replacing or rebuilding the damaged property at its original location on the owner's property if the structure must be relocated because of zoning or land use regulations of state or local government. In the case of a partial loss, unless more extensive coverage is otherwise specified in the policy, this coverage applies only to the damaged portion of the property. Subd. 2. Personal property. Subject to applicable policy limits, replacement cost insurance coverage for personal property must cover the cost of replacing or repairing any loss or damaged property. In the case of a partial loss, unless more extensive coverage is otherwise specified in the policy, this coverage applies only to the damaged portion of the property. If a homeowner's policy does not provide replacement cost coverage for personal property, the declarations page of the policy shall so indicate by containing the term "nonreplacement cost." History:  1967 c 395 art 6 s 10; 1987 c 337 s 91; 1991 c 244 s 1; 1996 c 446 art 1 s 54
MN Stat § 65A.11 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.11 — Payment To Mortgagee.

65A.11 PAYMENT TO MORTGAGEE. When the whole, or any part, of the loss is payable, in terms or otherwise, to or for one or more mortgagees, upon proof before payment of the rights of the parties, the company shall pay the same in the order of priority to the extent of its liability and every such payment to such extent shall be payment and satisfaction of its liability under the policy. History:   1967 c 395 art 6 s 11
MN Stat § 65A.12 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.12 — Waiver Of Right To Appraisal.

65A.12 WAIVER OF RIGHT TO APPRAISAL. Subdivision 1. Right to appraisal. Any person who shall not, within 20 days after written request, appoint a qualified appraiser, as provided in the policy, shall at the election of the other party be deemed to have waived the right to appraisal, and, if it be the insurer, shall be liable to suit. Subd. 2. Appraiser. No person shall be a qualified appraiser who is not disinterested and willing to act. History:  1967 c 395 art 6 s 12; 2011 c 52 s 2
MN Stat § 65A.13 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.13 — Liability Of Company.

65A.13 LIABILITY OF COMPANY. Notwithstanding any penalty prescribed for the making, issuing, or delivery of any policy in violation of any provision of law, every such policy shall be binding upon the company issuing the same. History:   1967 c 395 art 6 s 13
MN Stat § 65A.14 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.14 — Person Who Procures An Application Agent Of Issuing Company.

65A.14 PERSON WHO PROCURES AN APPLICATION AGENT OF ISSUING COMPANY. Every person who solicits insurance and procures an application therefor shall be held to be the agent of the party afterward issuing insurance thereon or a renewal thereof. History:   1967 c 395 art 6 s 14
MN Stat § 65A.15 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 65A — Fire And Related Insurance|Section 65A.15 — Violation.

65A.15 VIOLATION. Every company and every agent who shall willfully make, issue, or deliver a policy in violation of sections 65A.01, 65A.02, and 65A.03 shall be guilty of a gross misdemeanor; but every stipulation of the policy in favor of the insured shall, nevertheless, be binding upon the company issuing the same. History:   1967 c 395 art 6 s 15