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 […]
79.35 DUTIES; RESPONSIBILITIES; POWERS. The reinsurance association shall do the following on behalf of its members: (1) assume 100 percent of the liability as provided in section 79.34; (2) establish procedures by which members shall promptly report to the reinsurance association each claim which, on the basis of the injury sustained, may reasonably be anticipated […]
79.36 ADDITIONAL POWERS. In addition to the powers granted in section 79.35, the reinsurance association may do the following: (1) sue and be sued. A judgment against the reinsurance association shall not create any direct liability against the individual members of the reinsurance association. The reinsurance association shall provide in the plan of operation for […]
79.361 POST-1992 DISTRIBUTION OF WORKERS’ COMPENSATION REINSURANCE ASSOCIATION SURPLUS. Subdivision 1. Scope. This section governs the distribution of excess surplus of the Workers’ Compensation Reinsurance Association declared after January 1, 1993. A distribution of excess surplus is declared on the date the board votes to make a distribution. No distribution of excess surplus other than […]
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 […]
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 […]
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; […]
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 […]
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. […]
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
