Section 60D.16 — Subsidiaries Of Insurers.
60D.16 SUBSIDIARIES OF INSURERS. Subdivision 1. Authorization. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business: (1) any kind of insurance business authorized by the jurisdiction in which it is incorporated; (2) acting as an […]
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 […]
Section 60D.19 — Registration Of Insurers.
60D.19 REGISTRATION OF INSURERS. Subdivision 1. Registration. Every domestic insurer that is a member of an insurance holding company system shall register with the commissioner. Any insurer that is subject to registration under this section shall register within 15 days after it becomes subject to registration, and annually thereafter by June 1 of each year […]
Section 60D.20 — Standards And Management Of An Insurer Within A Holding Company System.
60D.20 STANDARDS AND MANAGEMENT OF AN INSURER WITHIN A HOLDING COMPANY SYSTEM. Subdivision 1. Transactions within an insurance holding company system. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards: (1) the terms shall be fair and reasonable; (2) agreements […]
Section 60D.21 — Examination.
60D.21 EXAMINATION. Subdivision 1. Power of commissioner. Subject to the limitation contained in this section and in addition to the powers that the commissioner has under chapter 60A relating to the examination of insurers, the commissioner shall also have the power to examine an insurer registered under section 60D.19 and its affiliates to ascertain the […]
Section 60D.215 — Supervisory Colleges.
60D.215 SUPERVISORY COLLEGES. Subdivision 1. Power of commissioner. With respect to any insurer registered under section 60D.19, and in accordance with subdivision 3, the commissioner may also participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the […]
Section 60D.217 — Groupwide Supervision Of Internationally Active Insurance Groups.
60D.217 GROUPWIDE SUPERVISION OF INTERNATIONALLY ACTIVE INSURANCE GROUPS. (a) The commissioner is authorized to act as the groupwide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the commissioner may otherwise acknowledge another regulatory official as the groupwide supervisor where the internationally active insurance group: (1) does not […]