60D.09 PENALTIES. Subdivision 1. Failure to file registration statement; civil penalty. An insurer failing, without just cause, to file a registration statement as required in section 60D.19 shall pay a penalty of $1,000 for each day’s delay, to be recovered by the commissioner and paid into the general fund. The commissioner may reduce the penalty […]
60D.15 DEFINITIONS. Subdivision 1. Terms. For purposes of this chapter, the terms in subdivisions 2 to 10 have the meanings given them, unless the context otherwise requires. Subd. 2. Affiliate. An “affiliate” of, or person “affiliated” with, a specific person, is a person that directly, or indirectly through one or more intermediaries, controls, or is […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
60D.22 CONFIDENTIALITY. Subdivision 1. Classification protection and use of information by commissioner. Documents, materials, or other information in the possession or control of the department that are obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to section 60D.21 and all information reported […]
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
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 […]
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 […]
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, […]
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 […]
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, […]
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
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 […]
