reglab/housing_qa huggingface dataset:
MN Stat § 61A.19 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.19 — Company Requirements.

61A.19 COMPANY REQUIREMENTS. No company shall deliver or issue for delivery within this state contracts on a variable basis unless it is licensed or organized to do a life insurance or annuity business in this state, and the commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider among other things: (a) the history and financial condition of the company; (b) the character, responsibility and fitness of the officers and directors of the company; and (c) the law and regulation under which the company is authorized in the state of domicile to issue such contracts. The state of entry of an alien company shall be deemed to be state of domicile for this purpose. History:  1967 c 395 art 2 s 19; 1969 c 752 s 13; 1973 c 480 s 4; 1995 c 214 s 14
MN Stat § 61A.20 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.20 — Rules.

61A.20 RULES. Notwithstanding any other provision of law, the commissioner shall have sole and exclusive authority to regulate the issuance and sale of contracts on a variable basis and to provide for licensing of persons selling such contracts, and to issue such reasonable rules as may be appropriate to carry out the purposes and provisions of sections 61A.13 to 61A.21. History:  1967 c 395 art 2 s 20; 1969 c 7 s 24; 1969 c 752 s 14; 1985 c 248 s 70
MN Stat § 61A.21 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.21 — Application Of Other Laws.

61A.21 APPLICATION OF OTHER LAWS. Sections 61A.07, clause (4), and 61A.245 shall not apply to contracts on a variable basis. All other appropriate provisions of this chapter shall apply to separate accounts and contracts on a variable basis except those which are inconsistent with the provisions contained in sections 61A.13 to 61A.20. Any contract on a variable basis, delivered or issued for delivery in this state, shall contain in substance provisions for grace, settlement option, loan or withdrawal and nonforfeiture appropriate to such a contract and a life insurance contract on a variable basis should also contain in substance a provision for reinstatement appropriate to such a contract. The reserve liability for contracts on a variable basis shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. History:  1967 c 395 art 2 s 21; 1969 c 752 s 15; 1973 c 480 s 5; 1978 c 662 s 2
MN Stat § 61A.22 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.22 — Contracts To Specify Benefits And Consideration.

61A.22 CONTRACTS TO SPECIFY BENEFITS AND CONSIDERATION. No life insurance company shall make any insurance, guaranty, contract, or pledge in this state, or to or with any citizen or resident thereof, which does not distinctly specify the amount and manner of payment of benefits and the consideration therefor, except that contracts on a variable basis need not specify the amount of benefits thereunder or consideration after the initial premium. History:  1967 c 395 art 2 s 22; 1973 c 480 s 6
MN Stat § 61A.23 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.23 — Provisions In Policies; Laws Of Other States.

61A.23 PROVISIONS IN POLICIES; LAWS OF OTHER STATES. The policies of a life insurance company, not organized under the laws of this state, may contain any provision which the laws of the state, territory, district, or country under which the company is organized, prescribe shall be in such policies, and the policies of a life insurance company organized under the laws of this state may, when issued or delivered in any other state, territory, district, or country, contain any provision required by the laws of the state, territory, district, or country in which the same are issued, anything in this section and sections 61A.02, 61A.03, 61A.07, 61A.08, and 61A.25 to the contrary notwithstanding. History:   1967 c 395 art 2 s 23
MN Stat § 61A.255 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.255 — Smoker And Nonsmoker Mortality Tables.

61A.255 SMOKER AND NONSMOKER MORTALITY TABLES. For the purposes of sections 61A.24 and 61A.25, insurers may utilize the 1958 Commissioners Standard Ordinary and the 1958 Commissioners Extended Term smoker and nonsmoker mortality tables and the 1980 Commissioners Standard Ordinary and the 1980 Commissioners Extended Term smoker and nonsmoker mortality tables in addition to the tables specified in sections 61A.24 and 61A.25. The tables may be utilized as provided in the model rule permitting smoker and nonsmoker mortality tables for use in determining minimum reserve liabilities and nonforfeiture benefits adopted by the National Association of Insurance Commissioners. This section applies to policies issued on or after January 1, 1984, and before January 1, 1989. History:  1984 c 538 s 1; 1984 c 592 s 46
MN Stat § 61A.27 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.27 — Contingency Reserve; Limitations.

61A.27 CONTINGENCY RESERVE; LIMITATIONS. Any life insurance company doing business in this state may accumulate and maintain, in addition to the capital and surplus contributed by its stockholders, and in addition to an amount equal to the net values of its policies, computed according to the laws of the jurisdiction under which it is organized, a contingency reserve not exceeding the following respective percentages of these net values: When the net values are less than $100,000, 20 percent thereof, or the sum of $10,000, whichever is the greater; when the net values are greater than $100,000, the percentage thereof measuring the contingency reserve shall decrease one-half of one percent for each $100,000 of the net values up to $1,000,000; when the net values are greater than $1,000,000, but do not exceed $25,000,000, the contingency reserve shall not exceed 15 percent thereof; when the net values are greater than $25,000,000, but do not exceed $150,000,000, the contingency reserve shall not exceed 12-1/2 percent thereof; when the net values are greater than $150,000,000, the contingency reserve shall not exceed ten percent thereof; provided, that as the net values of these policies increase and the maximum percentage measuring the contingency reserve decreases, the corporation may maintain the contingency reserve already accumulated hereunder, although for the time being it may exceed the maximum percentage herein prescribed, but may not add to the contingency reserve when the addition will bring it beyond the maximum percentage. For cause shown, the commissioner may, at any time and from time to time, permit any corporation to accumulate and maintain a contingency reserve in excess of the limit above mentioned for a prescribed period, not exceeding one year under any one permission, by filing in the commissioner's office a decision stating the reasons therefor and causing the same to be published in the next annual report. This section shall not apply to any company doing exclusively a nonparticipating business. History:  1967 c 395 art 2 s 27; 1986 c 444
MN Stat § 61A.283 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.283 — Admitted Assets.

61A.283 ADMITTED ASSETS. For the purpose of applying any investment limitation based on the amount of a domestic life insurance company's admitted assets, the term "admitted assets" has the meaning given in section 60A.02, subdivision 27, with an adjustment in the admitted asset figure to exclude amounts which on the December 31 immediately preceding the date the company acquires an investment are allocated to separate accounts. History:  1969 c 494 s 19; 1991 c 325 art 10 s 9
MN Stat § 61A.284 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.284 — Investments; Capital Stock Of Other Insurance Companies.

61A.284 INVESTMENTS; CAPITAL STOCK OF OTHER INSURANCE COMPANIES. Subdivision 1. Purchase of insurance company. A domestic life insurance company may acquire and hold all or part of the capital stock of another insurance company whether or not in the same line of insurance for cash or through the issuance of its own stock in payment of all or part of the purchase price. The limits contained in the other investment provisions shall not apply to these holdings providing the acquiring company secures the prior approval of the purchase agreement by the commissioner. Subd. 2. Organization of subsidiary insurance company. A domestic life insurance company may organize and hold all or part of the capital stock of another insurance company whether or not in the same line of insurance. The limits contained in the other investment provisions shall not apply to these holdings providing the organizing company secures the prior approval of the commissioner. Subd. 3. Investments in health maintenance organizations. An investment in a health maintenance organization may be deemed by a domestic life insurance company to be an investment under this section. History:  1981 c 211 s 36; 1990 c 538 s 11
MN Stat § 61A.30 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.30 — Joint Investments.

61A.30 JOINT INVESTMENTS. No domestic life insurance company shall subscribe to or participate in any underwriting of the purchase or sale of securities or other property, enter into any transactions for the purchase or sale on account of the company jointly with any other person, firm, or corporation, nor enter into any agreement to withhold from sale any of its property, unless the disposition of the property shall be, at all times, within the control of its board of directors. Nothing contained herein shall be construed to invalidate or prohibit an agreement by two or more investors to join and share in the purchase of investments for bona fide investment purposes. In the investments secured by mortgage or deed of trust, provisions shall be made for a method of resolving any matters relating thereto as to which the investors are not in agreement. History:  1967 c 395 art 2 s 30; 1981 c 211 s 38
MN Stat § 61A.315 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.315 — Investments And Holdings; Limitations.

61A.315 INVESTMENTS AND HOLDINGS; LIMITATIONS. The sum of the value of assets permitted to be acquired pursuant to sections 61A.31, subdivision 3 and 61A.28, subdivision 6, paragraphs (a) and (b) shall not exceed 30 percent of admitted assets as of the end of the preceding calendar year. History:   1981 c 211 s 41
MN Stat § 61A.39 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.39 — Cooperative Life And Casualty Companies.

61A.39 COOPERATIVE LIFE AND CASUALTY COMPANIES. Subdivision 1. Cooperative plan. Every corporation, society, or association which issues a certificate or policy or makes an agreement with its members by which, upon the decease of a member, any money is to be paid to, or benefit conferred upon, the legal representatives or designated beneficiaries of such member, or reaching a certain age, to pay any money or benefit to the member, such money or benefit to be derived from voluntary donations, admission fees, dues, or assessments to be collected from its members or any class thereof, and which reserves the right to make any additional assessments, or without the consent of the certificate or policyholder to increase the premium named therein, shall be deemed to be engaged in the business of life insurance upon the cooperative or assessment plan. Every corporation which likewise agrees, in case of accident, sickness, or other physical disability, or reaching a certain age, to pay money or confer benefits likewise derived and issuing certificates or policies with similar conditions with reference to the payment of dues or assessments, shall be deemed to be engaged in the business of casualty insurance upon the cooperative or assessment plan, and shall, except as herein otherwise specified, be subject to the provisions of sections 61A.39 to 61A.42 and 61A.44 to 61A.50. Subd. 2. Continued corporate existence. Notwithstanding the repeal of sections 63.01, 63.011, and 63.02 to 63.35 pursuant to Laws 1983, chapter 104, section 1, any corporation, society or association formed or having existed under Laws 1933, chapter 241, whether or not it amended its articles of incorporation in accordance with Laws 1945, chapter 178, as amended by Laws 1951, chapter 257, and which has transformed itself into a cooperative life insurance company to engage in business under the cooperative plan, shall be and continue to exist as a corporation by virtue of the provisions hereof and may exercise and shall continue to have and to hold all the rights, privileges and powers which it had, prior to the repeal of such sections, including those derived under Laws 1945, chapter 178, section 1, as amended by Laws 1951, chapter 257, section 2. History:  1967 c 395 art 2 s 39; 1984 c 602 s 1; 1986 c 444
MN Stat § 61A.40 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.40 — Qualifications For License; Number Of Members.

61A.40 QUALIFICATIONS FOR LICENSE; NUMBER OF MEMBERS. No corporation not now authorized to transact business in this state shall be licensed to transact the business of life or casualty insurance, or both, upon the cooperative or assessment plan, until at least 300 persons eligible to membership have made individual applications, in writing, containing warranties of age, health, and other required conditions of membership, and the corporation has on deposit with the commissioner, as security for all its policyholders, stocks or bonds of this state or of the United States, or bonds of any of the municipalities of this state, or personal obligations secured by first mortgage on real estate within this state, worth, exclusive of buildings, the amount of the lien, and bearing interest of not less than three percent per annum, to an amount the actual market value of which, exclusive of interest, shall never be less than $100,000; provided, that any corporation which has heretofore procured and filed with the commissioner a part of the total number of applications required by law shall only be required to deposit securities of the market value of $5,000; and provided, that a corporation that confines its membership exclusively to the members of volunteer fire departments shall be required to have not less than 100 individual applications, in writing, from persons eligible to membership and the sum of at least $1,000, which amount shall be liable only for death or indemnity claims made under its policy or membership certificate contracts. History:  1967 c 395 art 2 s 40; 1978 c 465 s 10
MN Stat § 61A.42 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.42 — Payments; Liens; Assessments; Policies To Be Labeled.

61A.42 PAYMENTS; LIENS; ASSESSMENTS; POLICIES TO BE LABELED. No cooperative or assessment life insurance company shall hereafter issue any policy in this state which does not provide for the payment of a fixed minimum sum, which may be increased each year the insurance remains in force, in the amounts to be provided in the policy. Any agreement or bylaw providing for the placing of a lien upon such policy, except for nonpayment of premium or assessment, and any agreement or bylaw providing for the payment of a less sum than the minimum sum specified in the contract, because of the failure of the corporation to receive or collect the amount in the contract by assessment upon the surviving members, shall be void. Nothing in this section contained shall be so construed as to render any member liable for more than one assessment for each death occurring during the period of membership, unless otherwise specified in the policy. All policies issued by the company shall contain a title including the word "assessment" on the face and on the back of the policy correctly describing the same. This section shall not apply to any existing domestic company until it has been in existence for four years. History:  1967 c 395 art 2 s 42; 1986 c 444
MN Stat § 61A.43 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.43 — Accumulations; Amendment To Articles Or Bylaws.

61A.43 ACCUMULATIONS; AMENDMENT TO ARTICLES OR BYLAWS. Any insurance company transacting the business of life or casualty insurance upon the cooperative or assessment plan under any law of this state may, upon so providing in its articles or bylaws, elect to ascertain and apportion to its outstanding policies or certificates the respective accumulations upon each such policy or certificate, and to carry to the credit of each such policy or certificate the future net premiums or assessments and the accretions thereto, less its equitable contribution to the death claims and other benefits, and that the premiums or assessments upon any such policy or certificate may, upon such credit becoming exhausted, be increased as may be necessary to meet its share of death claims and other benefits, and that the holder of any such policy or certificate may be granted extended or paid-up insurance or the right to convert into any other form of policy or insurance then being issued by such company and to have the credit on such former policy or certificate applied to such new policy or insurance. When making the ascertainment and apportionment, account shall be taken of the premiums or assessments theretofore paid and of the death claims and other benefits which should be borne by the policy or certificate, of the interest earnings and other accretions to the accumulated funds, and of other matters which should equitably be taken into consideration for the purposes of the apportionment. Subject to such adjustment as shall be equitable, the experience of the company, or any table of mortality recognized for the purpose of insurance and any law of this state, may be used as a basis for the ascertainment and apportionment herein authorized; provided, that any company availing itself of the provisions of this section shall, in its articles or bylaws, specify the table of mortality and rate of interest which are to be the basis for the charges thereafter to be made to the policies or certificates aforesaid; and, provided, further, that when any table of mortality is specified in any policy that table shall be followed. History:   1967 c 395 art 2 s 43
MN Stat § 61A.44 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.44 — Limitation On Expenses; Life Insurance.

61A.44 LIMITATION ON EXPENSES; LIFE INSURANCE. Every corporation, as described in section 61A.39, now or hereafter organized or admitted to transact the business of life insurance in this state, shall set aside and appropriate exclusively to its mortuary or benefit funds, including reserve or special benefit funds, not less than 65 percent of all premium receipts and all interest earnings thereon upon such life insurance policies that shall have been in force one year or more, and the entire amount of receipts upon postmortem assessment certificates, except the expense dues and charges therein provided. No such funds heretofore or hereafter so appropriated to such mortuary or benefit fund, including reserve or special benefit funds, shall ever be used for the expense of conducting such business; provided, that every such corporation which issues a certificate or policy or makes an agreement with its members, by which, upon the decease of a member, a funeral benefit is to be paid, or funeral service is to be furnished, not exceeding $200 in amount or value, and which pays no accident, disability, or other benefits, shall set aside and appropriate exclusively to its mortuary or benefit funds, including reserve or special benefit funds, not less than 60 percent of all premium receipts upon such insurance policies that shall have been in force one year or more, and the entire amount of receipts upon postmortem assessment certificates, except the expense dues and charges therein provided. No such funds heretofore or hereafter so appropriated to such mortuary or benefit funds, including reserve or special benefit funds, shall ever be used for the expense of conducting such business. The net accretions to the funds enumerated in this section derived from interest, rents, or other sources shall also be set aside and appropriated exclusively to the fund producing the net accretions. History:   1967 c 395 art 2 s 44
MN Stat § 61A.45 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.45 — Limitation On Expenses; Companies With Reserve Deposits.

61A.45 LIMITATION ON EXPENSES; COMPANIES WITH RESERVE DEPOSITS. No company, as described in section 61A.39, transacting the business of casualty or health insurance in this state shall incur, lay out, or expend, in any one calendar year, as and for the expenses of conducting such business, more than its application or membership fees and 40 percent of its total premiums or assessments. When any such company shall have on deposit with the commissioner a reserve of $25,000, as provided by law, then and thereafter the company may expend, in addition to the 40 percent, the interest earnings on the reserve fund and the interest on any additional surplus funds it may accumulate. Any officer of any corporation violating, or consenting to the violation of, this section or section 61A.44 shall be guilty of a gross misdemeanor. History:   1967 c 395 art 2 s 45
MN Stat § 61A.48 (2021)
2021 Minnesota Statutes|Chapters 59A - 79A — Insurance|Chapter 61A — Life Insurance|Section 61A.48 — Change To Legal Reserve Or Level Premium Companies.

61A.48 CHANGE TO LEGAL RESERVE OR LEVEL PREMIUM COMPANIES. Any corporation, association, or society, as described in section 61A.39, may, with the written consent of the commissioner, upon a majority vote of its governing body, amend its articles of incorporation and bylaws in such manner as to transform itself into a legal reserve or level premium insurance company and, upon so doing and upon procuring from the commissioner a certificate of authority, as provided by law, to transact business in this state as a legal reserve or level premium company, shall incur the obligations and enjoy the benefits thereof, the same as though originally thus incorporated, and this corporation, under its charter, as amended, shall be a continuation of the original corporation, and the officers thereof shall serve through their respective terms, as provided in the original charter, but their successors shall be elected and serve as in the amended articles provided; but the amendment or reincorporation shall not affect existing suits, rights, or contracts. Any corporation, association, or society so reincorporated to transact the business of life insurance, shall, unless a higher method of valuation be provided for in its policy, or certificates of membership previously written, value its assessment policies or certificates of membership previously written as yearly renewable term policies, according to the standard of valuation of life insurance policies prescribed by the laws of this state. History:   1967 c 395 art 2 s 48