Section 60J.06 — Short Title.

60J.06 SHORT TITLE. Sections 60J.06 to 60J.11 may be cited as the “Business Transacted with Producer Controlled Insurer Act.” History: 1992 c 540 art 1 s 1

Section 60J.07 — Definitions.

60J.07 DEFINITIONS. Subdivision 1. Application. The definitions in this section apply to sections 60J.06 to 60J.11. Subd. 2. Accredited state. “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance […]

Section 60J.08 — Application.

60J.08 APPLICATION. Sections 60J.06 to 60J.11 apply to licensed insurers, either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of chapter 60D, to the extent they are not superseded by sections 60J.06 to 60J.11, apply to all parties within […]

Section 60J.09 — Minimum Standards.

60J.09 MINIMUM STANDARDS. Subdivision 1. Application. The provisions of this section apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent of the admitted assets of the controlled insurer, as reported in the […]

Section 60J.10 — Disclosure.

60J.10 DISCLOSURE. The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer; except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in the producer’s records […]

Section 60J.11 — Penalties.

60J.11 PENALTIES. Subdivision 1. Cease and desist order. If the commissioner believes that the controlling producer or any other person has not materially complied with sections 60J.06 to 60J.11 or any rule or order, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business with the controlled […]