Section 79.362 — Workers’ Compensation Reinsurance Association Excess Surplus Distribution.
79.362 WORKERS’ COMPENSATION REINSURANCE ASSOCIATION EXCESS SURPLUS DISTRIBUTION. An order of the commissioner of the Department of Labor and Industry relating to the distribution of excess surplus of the Workers’ Compensation Reinsurance Association shall be reviewed by the commissioner of commerce. The commissioner of commerce may amend, approve, or reject an order or issue further […]
Section 79.363 — Distribution Of Excess Surplus.
79.363 DISTRIBUTION OF EXCESS SURPLUS. The distribution of excess surplus of the Workers’ Compensation Reinsurance Association is not a distribution of excess premiums to members. Any excess surplus not refunded according to Laws 1993, chapter 361, section 2, must be returned to the association and must not be distributed to its members. Any excess surplus […]
Section 79.37 — Board Of Directors.
79.37 BOARD OF DIRECTORS. A board of directors of the reinsurance association is created and is responsible for the operation of the reinsurance association consistent with the plan of operation and sections 79.34 to 79.40. The board consists of 13 directors. Four directors shall represent insurers, two directors shall represent employers, two shall represent self-insurers; […]
Section 79.38 — Plan Of Operation.
79.38 PLAN OF OPERATION. Subdivision 1. Provisions. The plan of operation shall provide for all of the following: (a) the establishment of necessary facilities; (b) the management and operation of the reinsurance association; (c) a preliminary premium, payable by each member in proportion to its total premium in the year preceding the inauguration of the […]
Section 79.39 — Applicability Of Chapter 79.
79.39 APPLICABILITY OF CHAPTER 79. Subdivision 1. Examination by commissioner. The reinsurance association is subject to all the provisions of this chapter. The commissioner of labor and industry or an authorized representative of the commissioner may visit the reinsurance association at any time and examine, audit, or evaluate the reinsurance association’s operations, records and practices. […]
Section 79.40 — Premium Inclusion In Ratemaking.
79.40 PREMIUM INCLUSION IN RATEMAKING. Premiums charged members by the reinsurance association shall be recognized in the ratemaking procedures for insurance rates. History: Ex1979 c 3 s 23; 2005 c 132 s 25
Section 79.50 — Purposes.
79.50 PURPOSES. The purposes of this chapter are to: (a) promote public welfare by regulating insurance rates so that premiums are not excessive, inadequate, or unfairly discriminatory; (b) promote quality and integrity in the databases used in workers’ compensation insurance ratemaking; (c) prohibit price fixing agreements and anticompetitive behavior by insurers; (d) define the function […]
Section 79.51 — Rules.
79.51 RULES. Subdivision 1. Adoption. The commissioner shall adopt rules to implement provisions of this chapter. Subd. 2. [Repealed, 1983 c 290 s 173] Subd. 3. Rules; subject matter. (a) The commissioner in issuing rules shall consider: (1) data reporting requirements, including types of data reported, such as loss and expense data; (2) experience rating […]
Section 79.52 — Definitions.
79.52 DEFINITIONS. Subdivision 1. Generally. The following words or phrases shall have the meanings ascribed to them for the purposes of this chapter, unless the context clearly indicates that a different meaning is intended. Subd. 2. Market. “Market” means any reasonable grouping or classification of employers. Subd. 3. Data service organization. “Data service organization” means […]
Section 79.34 — Creation Of Reinsurance Association.
79.34 CREATION OF REINSURANCE ASSOCIATION. Subdivision 1. Conditions requiring membership. The nonprofit association known as the Workers’ Compensation Reinsurance Association may be incorporated under chapter 317A with all the powers of a corporation formed under that chapter, except that if the provisions of that chapter are inconsistent with sections 79.34 to 79.40, sections 79.34 to […]