Section 60D.23 — Rules.
60D.23 RULES. The commissioner may adopt the rules and orders that are necessary to carry out the provisions of this chapter. History: 1991 c 325 art 14 s 10
Section 60D.24 — Injunctions, Prohibitions Against Voting Securities, Sequestration Of Voting Securities.
60D.24 INJUNCTIONS, PROHIBITIONS AGAINST VOTING SECURITIES, SEQUESTRATION OF VOTING SECURITIES. Subdivision 1. Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed or is about to commit a violation of this chapter or of any rule or order issued by the commissioner, the […]
Section 60D.25 — Receivership.
60D.25 RECEIVERSHIP. Whenever it appears to the commissioner that any person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders or the public, then the commissioner may proceed as provided […]
Section 60D.26 — Recovery.
60D.26 RECOVERY. (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer, (1) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions, […]
Section 60D.27 — Revocation, Suspension, Or Nonrenewal Of Insurer’s License.
60D.27 REVOCATION, SUSPENSION, OR NONRENEWAL OF INSURER’S LICENSE. Whenever it appears to the commissioner that any person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to […]
Section 60D.28 — Judicial Review, Mandamus.
60D.28 JUDICIAL REVIEW, MANDAMUS. (a) Any person aggrieved by any act, determination, rule or order, or any other action of the commissioner pursuant to this chapter may appeal therefrom to the District Court for Ramsey County. The court shall conduct its review without a jury and by trial de novo, except that if all parties, […]
Section 60D.29 — Conflict With Other Laws.
60D.29 CONFLICT WITH OTHER LAWS. All laws and parts of laws of this state inconsistent with this chapter are superseded with respect to matters covered by this chapter. History: 1991 c 325 art 14 s 16
Section 60D.30 — Eligibility Determination.
60D.30 ELIGIBILITY DETERMINATION. Section 302A.521, subdivision 3, applies to a corporation that is a member of an insurance holding company system, except if a determination for advancement is not made under section 302A.521, subdivision 6, clauses (1) to (4), the corporation that is a member of an insurance holding company system may make the determination […]
Section 60D.17 — Acquisition Of Control Of Or Merger With Domestic Insurer.
60D.17 ACQUISITION OF CONTROL OF OR MERGER WITH DOMESTIC INSURER. Subdivision 1. Filing requirements. (a) No person other than the issuer shall: (1) make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities or, seek to acquire, or acquire, in the open market or […]
Section 60D.18 — Acquisitions Involving Insurers Not Otherwise Covered.
60D.18 ACQUISITIONS INVOLVING INSURERS NOT OTHERWISE COVERED. Subdivision 1. Definitions. The following definitions apply for the purposes of this section only: (a) “Acquisition” means an agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes, but is not limited to, the acquisition […]