reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.57 — Access To And Use Of Rbc Information.

60A.57 ACCESS TO AND USE OF RBC INFORMATION.
Subdivision 1.
Confidentiality; prohibition on announcements.
Section 60A.67, subdivisions 1 and 2, apply to sections 60A.50 to 60A.592.
Subd. 2.
Prohibition for rate making or premium setting.
The RBC instructions, RBC reports, adjusted RBC reports, RBC plans, and revised RBC plans are intended solely for use by the commissioner in monitoring the solvency of health organizations and the need for possible corrective action with respect to health organizations and shall not be used by the commissioner for rate making nor considered or introduced as evidence in any rate proceeding nor used by the commissioner to calculate or derive any elements of an appropriate premium level or rate of return for any line of insurance that a health organization or any affiliate is authorized to write.
History:
2004 c 285 art 1 s 8
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.58 — Supplemental Provisions.

60A.58 SUPPLEMENTAL PROVISIONS.
Subdivision 1.
Effect.
Sections 60A.50 to 60A.592 are supplemental to any other provisions of the laws of this state, and must not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, chapter 60B and sections 62D.041, 62D.042, 62D.18, and 62D.181.
Subd. 2.
Exemption.
The commissioner may exempt from the application of sections 60A.50 to 60A.592 a domestic health organization that:
(1) writes direct business only in this state;
(2) assumes no reinsurance in excess of five percent of direct premium written; and
(3) writes direct annual premiums for comprehensive medical business of $2,000,000 or less.
History:
2004 c 285 art 1 s 9
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.59 — Foreign Health Organizations.

60A.59 FOREIGN HEALTH ORGANIZATIONS.
Subdivision 1.
RBC report.
(a) A foreign health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:
(1) the date an RBC report would be required to be filed by a domestic health organization under sections 60A.50 to 60A.592; or
(2) 15 days after the request is received by the foreign health organization.
(b) A foreign health organization shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
Subd. 2.
RBC plan.
In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign health organization as determined under the RBC statute applicable in the state of domicile of the health organization or, if no RBC statute is in force in that state, under sections 60A.50 to 60A.592, if the insurance commissioner of the state of domicile of the foreign health organization fails to require the foreign health organization to file an RBC plan in the manner specified under that state's RBC statute or, if no RBC statute is in force in that state, under section 60A.52, the commissioner may require the foreign health organization to file an RBC plan with the commissioner. In such event, the failure of the foreign health organization to file an RBC plan with the commissioner shall be grounds to order the health organization to cease and desist from writing new insurance business in this state. This section does not limit the commissioner's authority to require a foreign insurer to file a copy of the risk-based capital plan submitted to the commissioner in the state of domicile.
Subd. 3.
Liquidation of property.
In the event of a mandatory control level event with respect to a foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign health organization, the commissioner may make application to the district court permitted under chapter 60B with respect to the liquidation of property of foreign health organizations found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.
History:
2004 c 285 art 1 s 10
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.591 — Immunity.

60A.591 IMMUNITY.
There is no liability on the part of, and no cause of action arises against, the commissioner or the department or its employees or agents for any action taken by them in the performance of their powers and duties under sections 60A.50 to 60A.592.
History:
2004 c 285 art 1 s 11
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.592 — Notices.

60A.592 NOTICES.
All notices by the commissioner to a health organization that may result in regulatory action under sections 60A.50 to 60A.592 are effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission are effective upon the health organization's receipt of notice.
History:
2004 c 285 art 1 s 12
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.64 — Authorized Control Level Event.

60A.64 AUTHORIZED CONTROL LEVEL EVENT.
Subdivision 1.
Definition.
"Authorized control level event" means any of the following events:
(1) the filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level risk-based capital but less than its authorized control level risk-based capital;
(2) the notification by the commissioner to the insurer of an adjusted risk-based capital report that indicates the event in clause (1), provided the insurer does not challenge the adjusted risk-based capital report under section 60A.66;
(3) if, pursuant to section 60A.66, the insurer challenges an adjusted risk-based capital report that indicates the event in clause (1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge;
(4) the failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, provided the insurer has not challenged the corrective order under section 60A.66; or
(5) if the insurer has challenged a corrective order under section 60A.66 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.
Subd. 2.
Commissioner's duties.
In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(1) take the actions required under section 60A.63 regarding an insurer with respect to which a regulatory action level event has occurred; or
(2) if the commissioner considers it to be in the best interests of the policyholders and creditors of the insurer and of the public, take the actions necessary to cause the insurer to be placed under regulatory control under chapter 60B. In the event the commissioner takes these actions, the authorized control level event is considered sufficient grounds for the commissioner to take action under chapter 60B, and the commissioner has the rights, powers, and duties with respect to the insurer set forth in chapter 60B. In the event the commissioner takes actions under this clause pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections afforded to insurers under section 60B.11 pertaining to summary proceedings.
History:
1995 c 253 s 6
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.65 — Mandatory Control Level Event.

60A.65 MANDATORY CONTROL LEVEL EVENT.
Subdivision 1.
Definition.
"Mandatory control level event" means any of the following events:
(1) the filing of a risk-based capital report that indicates that the insurer's total adjusted capital is less than its mandatory control level risk-based capital;
(2) notification by the commissioner to the insurer of an adjusted risk-based capital report that indicates the event in clause (1), provided the insurer does not challenge the adjusted risk-based capital report under section 60A.66; or
(3) if, pursuant to section 60A.66, the insurer challenges an adjusted risk-based capital report that indicates the event in clause (1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
Subd. 2.
Commissioner's duties.
In the event of a mandatory control level event:
(1) with respect to a life and/or health insurer, the commissioner shall take the actions necessary to place the insurer under regulatory control under chapter 60B. In that event, the mandatory control level event is considered sufficient grounds for the commissioner to take action under chapter 60B, and the commissioner has the rights, powers, and duties with respect to the insurer set forth in chapter 60B. If the commissioner takes actions pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections of section 60B.11 pertaining to summary proceedings. However, the commissioner may forgo action for up to 90 days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period; and
(2) with respect to a property and casualty insurer, the commissioner shall take the actions necessary to place the insurer under regulatory control under chapter 60B, or, in the case of an insurer that is writing no business and that is running off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event is sufficient grounds for the commissioner to take action under chapter 60B, and the commissioner has the rights, powers, and duties with respect to the insurer set forth in chapter 60B. If the commissioner takes actions pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections of section 60B.11 pertaining to summary proceedings. However, the commissioner may forgo action for up to 90 days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period.
History:
1995 c 253 s 7
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.66 — Hearings.

60A.66 HEARINGS.
Upon:
(1) notification to an insurer by the commissioner of an adjusted risk-based report;
(2) notification to an insurer by the commissioner that:
(i) the insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and
(ii) the notification constitutes a regulatory action level event with respect to the insurer;
(3) notification to an insurer by the commissioner that the insurer 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 insurer to eliminate the company action level event with respect to the insurer according to its risk-based capital plan or revised risk-based capital plan; or
(4) notification to an insurer by the commissioner of a corrective order with respect to the insurer,
the insurer has the right to a confidential hearing conducted in accordance with chapter 14, on a record, at which the insurer may challenge any determination or action by the commissioner. The insurer 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 insurer'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 insurer's request.
History:
1995 c 253 s 8
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.68 — Supplemental Provisions; Rules; Exemption.

60A.68 SUPPLEMENTAL PROVISIONS; RULES; EXEMPTION.
(a) Sections 60A.60 to 60A.696 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.
(b) The commissioner may exempt from the application of sections 60A.60 to 60A.696 a domestic property and casualty insurer that:
(1) writes direct business only in this state;
(2) writes direct annual premiums of $2,000,000 or less; and
(3) assumes no reinsurance in excess of five percent of direct premium written.
History:
1995 c 253 s 10
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.69 — Foreign Insurers.

60A.69 FOREIGN INSURERS.
Subdivision 1.
Reporting requirements.
A foreign insurer shall, upon the written request of the commissioner, submit to the commissioner a risk-based capital report as of the end of the calendar year just ended not later than the later of:
(1) the date a risk-based capital report would be required to be filed by a domestic insurer under sections 60A.60 to 60A.696; or
(2) fifteen days after the request is received by the foreign insurer.
A foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner copies of all risk-based capital plans that are filed by the insurer with the insurance commissioners of other states.
Subd. 2.
A risk-based capital plan requirement.
In the event of a company action level event, regulatory action level event, or authorized control level event with respect to a foreign insurer as determined under the risk-based capital statute applicable in the state of domicile of the insurer, or, if no risk-based capital statute is in force in that state, under sections 60A.60 to 60A.696, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk-based capital plan in the manner specified under that state's risk-based capital statute, or, if no risk-based capital statute is in force in that state, under section 60A.62, the commissioner may require the foreign insurer to file a risk-based capital plan with the commissioner. In this event, the failure of the foreign insurer to file a risk-based capital plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state. This section does not limit the commissioner's authority to require a foreign insurer to file a copy of the risk-based capital plan submitted to the commissioner in the state of domicile.
Subd. 3.
Liquidation of property.
In the event of a mandatory control level event with respect to a foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the district court permitted under chapter 60B with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event is adequate grounds for the application.
History:
1995 c 253 s 11
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.695 — Immunity.

60A.695 IMMUNITY.
There is no liability on the part of, and no cause of action arises against, the commissioner or the commerce department or its employees or agents for an action taken by them in the performance of their powers and duties under sections 60A.60 to 60A.696.
History:
1995 c 253 s 12
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.696 — Notices.

60A.696 NOTICES.
All notices by the commissioner to an insurer that may result in regulatory action under sections 60A.60 to 60A.696 are effective upon dispatch if transmitted by registered or certified mail, or in the case of other transmission is effective upon the insurer's receipt of the notice.
History:
1995 c 253 s 13
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.72 — Books And Records; Reinsurance Intermediary-brokers.

60A.72 BOOKS AND RECORDS; REINSURANCE INTERMEDIARY-BROKERS.
Subdivision 1.
Records of transactions.
For at least ten years after expiration of each contract of reinsurance transacted by the RB, the RB will keep a complete record for each transaction showing:
(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;
(2) period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;
(3) reporting and settlement requirements of balances;
(4) rate used to compute the reinsurance premium;
(5) names and addresses of assuming reinsurers;
(6) rates of all reinsurance commissioners, including the commissions on any retrocessions handled by the RB;
(7) related correspondence and memoranda;
(8) proof of placement;
(9) details regarding retrocessions handled by the RB including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(10) financial records, including, but not limited to, premium and loss accounts; and
(11) when the RB procures a reinsurance contract on behalf of a licensed ceding insurer:
(i) directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(ii) if placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.
Subd. 2.
Access by insurer.
The insurer will have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer.
History:
1991 c 325 art 11 s 5
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.725 — Duties Of Insurers Utilizing The Services Of A Reinsurance Intermediary-broker.

60A.725 DUTIES OF INSURERS UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-BROKER.
(a) An insurer shall not engage the services of a person, firm, association, or corporation to act as an RB on its behalf unless the person is licensed as required by section 60A.71, subdivision 1.
(b) An insurer may not employ an individual who is employed by an RB with which it transacts business, unless the RB is under common control with the insurer and subject to chapter 60D.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.
History:
1991 c 325 art 11 s 6
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.735 — Prohibited Acts.

60A.735 PROHIBITED ACTS.
The RM shall not:
(1) cede retrocessions on behalf of the reinsurer, except that the RM may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for these retrocessions. These guidelines must include a list of reinsurers with which these automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;
(2) commit the reinsurer to participate in reinsurance syndicates;
(3) appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which the producer is appointed;
(4) without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year;
(5) collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer;
(6) jointly employ an individual who is employed by the reinsurer unless such RM is under common control with the reinsurer subject to chapter 60D;
(7) appoint a sub-RM.
History:
1991 c 325 art 11 s 8
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.74 — Duties Of Reinsurer Utilizing The Services Of A Reinsurance Intermediary-manager.

60A.74 DUTIES OF REINSURER UTILIZING THE SERVICES OF A REINSURANCE INTERMEDIARY-MANAGER.
Subdivision 1.
Licensed persons to be used.
A reinsurer shall not engage the services of any person, firm, association, or corporation to act as an RM on its behalf unless the person is licensed as required by section 60A.71, subdivision 2.
Subd. 2.
Annual financial statements to be obtained.
The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which the reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.
Subd. 3.
Loss reserve opinions.
If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion must be in addition to any other required loss reserve certification.
Subd. 4.
Binding authority.
Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.
Subd. 5.
Notification of termination.
Within 30 days of termination of a contract with an RM, the reinsurer shall provide written notification of the termination to the commissioner.
Subd. 6.
Restriction on board appointments.
A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder, or subproducer of its RM. This subdivision does not apply to relationships governed by chapter 60D or, if applicable, the Business Transacted With Producer Controlled Insurer Act, sections 60J.06 to 60J.11.
History:
1991 c 325 art 11 s 9; 1993 c 13 art 1 s 16; 2000 c 260 s 12
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.745 — Examination Authority; Reinsurance Intermediary - Broker.

60A.745 EXAMINATION AUTHORITY; REINSURANCE INTERMEDIARY - BROKER.
(a) A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner.
(b) An RM may be examined as if it were the reinsurer.
History:
1991 c 325 art 11 s 10
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.75 — Violations.

60A.75 VIOLATIONS.
Subdivision 1.
Administrative and civil penalties and liabilities.
A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with chapter 14, to be in violation of any provision of sections 60A.70 to 60A.756, shall:
(1) for each separate violation, pay a penalty in an amount not exceeding $5,000; and
(2) be subject to revocation or suspension of its license.
Subd. 2.
Civil remedies.
(a) If it was found that because of the violation the insurer or reinsurer has suffered loss or damage, the commissioner may maintain a civil action for recovery of compensatory damages for the benefit of the reinsurer or insurer and its policyholders and creditors or seek other appropriate relief.
(b) If an order of rehabilitation or liquidation of the insurer has been entered pursuant to chapter 60B, and the receiver appointed under that order determines that the reinsurance intermediary or any other person has violated sections 60A.70 to 60A.756, or any rule or order adopted under those sections, and the insurer suffered any loss or damage, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
Subd. 3.
Judicial review.
The decision, determination, or order of the commissioner pursuant to subdivision 1 is subject to judicial review pursuant to chapter 14.
Subd. 4.
Other penalties.
Nothing contained in this section affects the right of the commissioner to impose any other penalties provided in the insurance laws.
History:
1991 c 325 art 11 s 11; 1995 c 214 s 11
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.755 — Scope.

60A.755 SCOPE.
Nothing contained in sections 60A.70 to 60A.756 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to these persons.
History:
1991 c 325 art 11 s 12
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.76 — Purpose And Scope.

60A.76 PURPOSE AND SCOPE.
Sections 60A.76 to 60A.768 apply to all individual and group accident and health insurance coverages as defined in section 60A.06, subdivision 1, paragraph (5)(a), including single premium credit disability insurance. Other credit insurance is not subject to sections 60A.76 to 60A.768.
When an insurer determines that adequacy of its health insurance reserves requires reserves in excess of the minimum standards specified in sections 60A.76 to 60A.768, the increased reserves must be held and must be considered the minimum reserves for that insurer.
With respect to any block of contracts, or with respect to an insurer's health business as a whole, a prospective gross premium valuation is the ultimate test of reserve adequacy as of a given valuation date. The prospective gross premium valuation must take into account, for contracts in force, in a claims status, or in a continuation of benefits status on the valuation date, the present value as of the valuation date of: all expected benefits unpaid, all expected expenses unpaid, and all unearned or expected premiums, adjusted for future premium increases reasonably expected to be put into effect.
The prospective gross premium valuation must be performed whenever a significant doubt exists as to reserve adequacy with respect to any major block of contracts, or with respect to the insurer's health business as a whole. In the event inadequacy is found to exist, immediate loss recognition must be made and the reserves restored to adequacy. Adequate reserves, inclusive of claim, premium, and contract reserves, if any, must be held with respect to all contracts, regardless of whether contract reserves are required for such contracts under sections 60A.76 to 60A.768.
Whenever minimum reserves, as defined in sections 60A.76 to 60A.768, exceed reserve requirements as determined by a prospective gross premium valuation, such minimum reserves remain the minimum requirement under sections 60A.76 to 60A.768.
History:
2004 c 285 art 2 s 1
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.762 — Categories Of Reserves.

60A.762 CATEGORIES OF RESERVES.
The following sections set forth minimum standards for three categories of health insurance reserves:
(1) section 60A.763, claim reserves;
(2) section 60A.764, premium reserves; and
(3) section 60A.765, contract reserves.
Adequacy of an insurer's health insurance reserves is to be determined on the basis of all three categories combined. However, sections 60A.76 to 60A.768 emphasize the importance of determining appropriate reserves for each of the three categories separately.
History:
2004 c 285 art 2 s 3
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.764 — Premium Reserves.

60A.764 PREMIUM RESERVES.
Subdivision 1.
Generally.
(a) Unearned premium reserves are required for all contracts with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation.
(b) If premiums due and unpaid are carried as an asset, the premiums must be treated as premiums in force, subject to unearned premium reserve determination. The value of unpaid commissions, premium taxes, and the cost of collection associated with due and unpaid premiums must be carried as an offsetting liability.
(c) The gross premiums paid in advance for a period of coverage beginning after the next premium due date which follows the date of valuation may be appropriately discounted to the valuation date and must be held either as a separate liability or as an addition to the unearned premium reserve which would otherwise be required as a minimum.
Subd. 2.
Minimum standards for unearned premium reserves.
(a) The minimum unearned premium reserve with respect to a contract is the pro rata unearned modal premium that applies to the premium period beyond the valuation date, with the premium determined on the basis of:
(1) the valuation net modal premium on the contract reserve basis applying to the contract; or
(2) the gross modal premium for the contract if no contract reserve applies.
(b) However, in no event may the sum of the unearned premium and contract reserves for all contracts of the insurer subject to contract reserve requirements be less than the gross modal unearned premium reserve on all such contracts, as of the date of valuation. The reserve must never be less than the expected claims for the period beyond the valuation date represented by the unearned premium reserve, to the extent not provided for elsewhere.
Subd. 3.
Premium reserve methods generally.
The insurer may employ suitable approximations and estimates, including, but not limited to, groupings, averages, and aggregate estimation, in computing premium reserves. Approximations or estimates should be tested periodically to determine the continuing adequacy and reliability.
History:
2004 c 285 art 2 s 5
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.765 — Contract Reserves Required.

60A.765 CONTRACT RESERVES REQUIRED.
(a) Contract reserves are required, unless otherwise specified in paragraph (b) for:
(1) all individual and group contracts with which level premiums are used; or
(2) all individual and group contracts with respect to which, due to the gross premium pricing structure at issue, the value of the future benefits at any time exceeds the value of any appropriate future valuation net premiums at that time. This evaluation may be applied on a rating block basis if the total premiums for the block were developed to support the total risk assumed and expected expenses for the block each year, and a qualified actuary certifies the premium development. The actuary must state in the certification that premiums for the rating block were developed such that each year's premium was intended to cover that year's costs without any prefunding. If the premium is also intended to recover costs for any prior years, the actuary must also disclose the reasons for and magnitude of the recovery. The values specified in this clause must be determined on the basis specified in section 60A.766, subdivisions 1 to 4.
(b) Contracts not requiring a contract reserve are:
(1) contracts that cannot be continued after one year from issue; or
(2) contracts already in force on August 1, 2004, for which no contract reserve was required under the immediately preceding standards.
(c) The contract reserve is in addition to claim reserves and premium reserves.
(d) The methods and procedures for contract reserves must be consistent with those for claim reserves for a contract, or else appropriate adjustment must be made when necessary to assure provision for the aggregate liability. The definition of the date of incurral must be the same in both determinations.
History:
2004 c 285 art 2 s 6
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.767 — Reinsurance.

60A.767 REINSURANCE.
Increases to or credits against reserves carried, arising because of reinsurance assumed or reinsurance ceded, must be determined in a manner consistent with sections 60A.76 to 60A.768 and with all applicable provisions of the reinsurance contracts which affect the insurer's liabilities.
History:
2004 c 285 art 2 s 8
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.90 — Scope.

60A.90 SCOPE.
Sections 60A.90 to 60A.94 apply to all domestic, foreign, and alien insurers who are authorized to transact business in this state.
History:
1991 c 325 art 12 s 1
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.91 — Filing Requirements.

60A.91 FILING REQUIREMENTS.
(a) A domestic, foreign, and alien insurer who is authorized to transact insurance in this state shall annually on or before March 1 of each year, file with the National Association of Insurance Commissioners (NAIC) a copy of its annual statement convention blank, along with additional filings prescribed by the commissioner for the preceding year. The information filed with the National Association of Insurance Commissioners must be in the same format and scope as that required by the commissioner and must include the signed jurat page and the actuarial certification. Amendments and addenda to the annual statement filing subsequently filed with the commissioner must also be filed with the NAIC.
(b) Foreign insurers that are domiciled in a state that has a law substantially similar to paragraph (a) is considered to be in compliance with this section.
History:
1991 c 325 art 12 s 2
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.92 — Immunity.

60A.92 IMMUNITY.
In the absence of actual malice, members of the NAIC, their duly authorized committees, subcommittees, and task forces, their delegates, NAIC employees, and all others charged with the responsibility of collecting, reviewing, analyzing, and disseminating the information developed from the filing of the annual statement convention blanks are acting as agents of the commissioner under the authority of sections 60A.90 to 60A.94 and are not subject to civil liability for libel, slander, or any other cause of action by virtue of their collection, review, and analysis or dissemination of the data and information collected from the filings required under sections 60A.90 to 60A.94.
History:
1991 c 325 art 12 s 3
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.93 — Confidentiality.

60A.93 CONFIDENTIALITY.
All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the department by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may not be disclosed by the department.
History:
1991 c 325 art 12 s 4
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.94 — Revocation Of Certificate Of Authority.

60A.94 REVOCATION OF CERTIFICATE OF AUTHORITY.
The commissioner may suspend, revoke, or refuse to renew the certificate of authority of an insurer failing to file its annual statement when due or within any extension of time that the commissioner, for good cause, may have granted.
History:
1991 c 325 art 12 s 5
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.952 — Disclosure Of Information.

60A.952 DISCLOSURE OF INFORMATION.
Subdivision 1.
Request.
After receiving a written request from an authorized person stating that the authorized person has reason to believe that a crime or civil fraud has been committed in connection with an insurance claim, insurance transaction, payment, or application, an insurer must release to the authorized person all relevant information in the insurer's possession.
Subd. 2.
Notice to and cooperation with the Commerce Fraud Bureau.
Any insurer or insurance professional that has reasonable belief that an act of insurance fraud will be, is being, or has been committed, shall furnish and disclose all relevant information to the Commerce Fraud Bureau or to any authorized person and cooperate fully with any investigation conducted by the Commerce Fraud Bureau. Any person that has a reasonable belief that an act of insurance fraud will be, is being, or has been committed, or any person who collects, reviews, or analyzes information concerning insurance fraud may furnish and disclose any information in its possession concerning the act to the Commerce Fraud Bureau, any authorized person, or to an authorized representative of an insurer that requests the information for the purpose of detecting, prosecuting, or preventing insurance fraud. The insurer may also release relevant information to any person authorized to receive the information under section 72A.502, subdivision 2. If disclosure is made to an authorized person other than the Commerce Fraud Bureau, a copy of the disclosure must be sent to the Commerce Fraud Bureau.
Subd. 3.
Immunity from liability.
If insurers, insurance support organizations as defined in section 72A.491, subdivision 12, agents acting on the insurers' behalf, or authorized persons release information in good faith under this section, whether orally or in writing, they are immune from any liability, civil or criminal, for the release or reporting of the information.
Subd. 4.
Tolling of time periods.
If an insurer has a reasonable or probable cause to believe that an insurance fraud has been committed in connection with an insurance claim, and has properly notified the Commerce Fraud Bureau of its suspicions according to subdivision 2, the notification tolls any applicable time period in any unfair claims practices statute or related regulations, or any action on the claim against the insurer to whom the claim had been presented for bad faith, until 30 days after determination by the Commerce Fraud Bureau and notice to the insurer that the division will not recommend action on the claim.
Subd. 5.
Reward for information.
The Commerce Fraud Bureau, in cooperation with authorized insurers and insurance professionals, may establish a voluntary fund to reward persons not connected with the insurance industry who provide information or furnish evidence leading to the arrest and conviction of persons responsible for insurance fraud.
History:
1994 c 574 s 2; 2002 c 331 s 9-12; 2013 c 135 art 3 s 22; 2014 c 310 s 2
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.953 — Enforcement; Refusal To Cooperate With An Investigation.

60A.953 ENFORCEMENT; REFUSAL TO COOPERATE WITH AN INVESTIGATION.
The intentional failure to provide relevant information as required by section 60A.952, subdivision 1, or to provide notification of insurance fraud as required by section 60A.952, subdivision 2, is punishable as a misdemeanor. It is unlawful for any person to knowingly or intentionally interfere with the enforcement of the provisions of sections 60A.951 to 60A.956 or investigation of suspected or actual violations of sections 60A.951 to 60A.956 and is punishable as a misdemeanor.
History:
1994 c 574 s 3; 2002 c 331 s 13
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.954 — Insurance Antifraud Plan.

60A.954 INSURANCE ANTIFRAUD PLAN.
Subdivision 1.
Establishment.
An insurer shall institute, implement, and maintain an antifraud plan. For the purpose of this section, the term insurer does not include reinsurers, the Workers' Compensation Reinsurance Association, self-insurers, and excess insurers. Within 30 days after instituting or materially modifying an antifraud plan, the insurer shall notify the commissioner in writing. The notice must include the name of the person responsible for administering the plan. An antifraud plan shall establish procedures to:
(1) prevent insurance fraud, including: internal fraud involving the insurer's officers, employees, or agents; fraud resulting from misrepresentations on applications for insurance; and claims fraud;
(2) report insurance fraud to appropriate law enforcement authorities; and
(3) cooperate with the prosecution of insurance fraud cases.
Subd. 2.
Review.
The commissioner may review each insurer's antifraud plan to determine whether it complies with the requirements of this section. If the commissioner finds that an insurer's antifraud plan does not comply with the requirements of this section, the commissioner shall disapprove the plan and send a notice of disapproval, along with the reasons for disapproval, to the insurer. An insurer whose antifraud plan has been disapproved by the commissioner shall submit a new plan to the commissioner within 60 days after the plan was disapproved. The commissioner may examine an insurer's procedures to determine whether the insurer is complying with its antifraud plan. The commissioner shall withhold from public inspection any part of an insurer's antifraud plan for so long as the commissioner deems the withholding to be in the public interest.
History:
1994 c 574 s 4; 1995 c 258 s 11; 2022 c 93 art 2 s 25
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.955 — Claim Forms To Contain Fraud Warning.

60A.955 CLAIM FORMS TO CONTAIN FRAUD WARNING.
All insurance claim forms issued by an insurer for use in submitting a claim for payment or a claim for any other benefit pursuant to a policy shall clearly contain a warning substantially as follows: "A person who files a claim with intent to defraud or helps commit a fraud against an insurer is guilty of a crime." An insurer may comply with this section by including the warning on an addendum attached to the claim form. The absence of the required warning does not constitute a defense in a prosecution for a violation of chapter 609 or any other chapter of Minnesota Statutes.
History:
1994 c 574 s 5; 1995 c 258 s 12
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.956 — Other Law Enforcement Authority.

60A.956 OTHER LAW ENFORCEMENT AUTHORITY.
Nothing in sections 60A.951 to 60A.956 preempts the authority of or relieves the duty of any other law enforcement agencies to investigate and prosecute alleged violations of law, prevents or prohibits a person from voluntarily disclosing any information concerning insurance fraud to any law enforcement agency other than the Commerce Fraud Bureau, or limits any of the powers granted elsewhere by the laws of this state to the commissioner of commerce to investigate alleged violations of law and to take appropriate action.
History:
2002 c 331 s 14; 2013 c 135 art 3 s 22
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.9573 — License Revocation And Denial.

60A.9573 LICENSE REVOCATION AND DENIAL.
Subdivision 1.
Grounds.
The commissioner may suspend, revoke, or refuse to issue or renew the license of a viatical settlement provider, viatical settlement broker, or viatical settlement investment agent if the commissioner finds that:
(1) there was any material misrepresentation in the application for the license;
(2) the licensee or any officer, partner, member, or key management personnel has been convicted of fraudulent or dishonest practices, is subject to a final administrative action, or is otherwise shown to be untrustworthy or incompetent;
(3) the viatical settlement provider demonstrates a pattern of unreasonable payments to viators;
(4) the licensee or any officer, partner, member, or key management personnel has been found guilty of, or has pleaded guilty or nolo contendere to, any felony, or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;
(5) the viatical settlement provider has entered into any viatical settlement contract that has not been approved pursuant to sections 60A.957 to 60A.9585;
(6) the viatical settlement provider has failed to honor contractual obligations set out in a viatical settlement contract or a viatical settlement purchase agreement;
(7) the licensee no longer meets the requirements for initial licensure;
(8) the viatical settlement provider has assigned, transferred, or pledged a viaticated policy to a person other than a viatical settlement provider licensed in this state, a viatical settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in Rule 501(a) or Rule 144A promulgated under the federal Securities Act of 1933, as amended, a financing entity, a special purpose entity, or a related provider trust; or
(9) the licensee or any officer, partner, member, or key management personnel has violated any provision of sections 60A.957 to 60A.9585.
Subd. 2.
Bad faith by broker or producer.
The commissioner may suspend, revoke, or refuse to renew the license of a viatical settlement broker or a life insurance producer operating as a viatical settlement broker pursuant to sections 60A.957 to 60A.9585 if the commissioner finds that the viatical settlement broker or life insurance producer has violated the provisions of sections 60A.957 to 60A.9585 or has otherwise engaged in bad faith conduct with one or more viators.
Subd. 3.
License enforcement actions.
Section 45.027 applies to any action taken by the commissioner to deny a license application or suspend, revoke, or refuse to renew the license of a viatical settlement provider, viatical settlement broker, or viatical settlement investment agent, or suspend, revoke, or refuse to renew a license of a life insurance producer operating as a viatical settlement broker pursuant to sections 60A.957 to 60A.9585.
History:
2009 c 62 s 4
2023 Minnesota Statutes › Chapters 59A - 79A — Insurance › Chapter 60A — General Insurance Powers › Section 60A.9574 — Approval Of Viatical Settlement Contracts And Disclosure Statements.

60A.9574 APPROVAL OF VIATICAL SETTLEMENT CONTRACTS AND DISCLOSURE STATEMENTS.
A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement contract form or disclosure statement form if, in the commissioner's opinion, the contract or provisions fail to meet the requirements of sections 60A.9577, 60A.9579, 60A.9582, and 60A.9583, subdivision 2, or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the viator. At the commissioner's discretion, the commissioner may require the submission of advertising material.
History:
2009 c 62 s 5