60E.01 PURPOSE. The purpose of sections 60E.01 to 60E.14 is to regulate the formation and operation of risk retention groups and purchasing groups in this state formed under the federal Liability Risk Retention Act of 1986, to the extent permitted by that law. History: 1987 c 192 s 1; 1993 c 299 s 11
60E.02 DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 60E.01 to 60E.14, the terms defined in this section have the meanings given them. Subd. 2. Commissioner. “Commissioner” means the commissioner of commerce in Minnesota or the commissioner, director, or superintendent of insurance in any other state. Subd. 3. Completed operations liability. “Completed operations liability” […]
60E.03 RISK RETENTION GROUPS CHARTERED IN THIS STATE. A risk retention group shall be chartered and licensed to write only liability insurance pursuant to sections 60E.01 to 60E.14 and, except as provided elsewhere in sections 60E.01 to 60E.14, must comply with all of the laws, rules, and requirements applicable to insurers chartered and licensed in […]
60E.04 RISK RETENTION GROUPS NOT CHARTERED IN THIS STATE. Subdivision 1. Regulation. Risk retention groups chartered and licensed in states other than this state and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state as set forth in subdivisions 2 to 12. […]
60E.05 COMPULSORY ASSOCIATIONS. No risk retention group shall be required or permitted to join or contribute financially to an insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds, or claimants against its insureds receive a benefit from the fund for claims arising out of the […]
60E.06 COUNTERSIGNATURES NOT REQUIRED. A policy of insurance issued to a risk retention group or a member of that group shall not be required to be countersigned as otherwise provided in chapters 60A to 72A. History: 1987 c 192 s 6
60E.07 PURCHASING GROUPS; EXEMPTION FROM CERTAIN LAWS RELATING TO THE GROUP PURCHASE OF INSURANCE. A purchasing group and its insurer or insurers are subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers are exempt, in regard to liability insurance for the purchasing group, from any law […]
60E.08 NOTICE AND REGISTRATION REQUIREMENTS OF PURCHASING GROUPS. Subdivision 1. Notice to commissioner. A purchasing group that intends to do business in this state shall, prior to doing business, furnish notice to the commissioner on forms prescribed by the NAIC which shall: (1) identify the state in which the group is domiciled; (2) identify all […]
60E.09 RESTRICTIONS ON INSURANCE PURCHASED BY PURCHASING GROUPS. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting […]
60E.095 PURCHASING GROUP TAXATION. Premium taxes paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group must be paid to the commissioner of revenue as provided in chapter 297I. History: 1993 c 299 s 27; 2000 c 394 art 2 s 11
60E.10 ADMINISTRATIVE AND PROCEDURAL AUTHORITY REGARDING RISK RETENTION GROUPS AND PURCHASING GROUPS. The commissioner of commerce may use any of the powers established under the insurance laws of this state to enforce the laws of this state not specifically preempted by the Product Liability Risk Retention Act of 1981, as amended by the Risk Retention […]
60E.12 DUTY ON AGENTS OR BROKERS TO OBTAIN LICENSE. Subdivision 1. Risk retention groups. No person, firm, association, or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless the person, firm, association, or corporation is licensed as an insurance agent […]
60E.13 BINDING EFFECT OF ORDERS ISSUED IN UNITED STATES DISTRICT COURT. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in a state, or in all states or in a territory or possession of the United States, upon a finding that […]
60E.14 RULES. The commissioner may adopt rules relating to risk retention groups as may be necessary or desirable to carry out the provisions of sections 60E.01 to 60E.14. History: 1987 c 192 s 14
