Insurance in General, first third

What this document is

Minnesota Statutes Chapter 60A - Insurance in General, first third (Secs. 60A.01 through 60A.11) is a state statute published by Minnesota Office of the Revisor of Statutes (revisor.mn.gov). It is one of the Minnesota documents that insurance license exam questions are written from, including minnesota life & health, minnesota property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Minn. Stat. Chapter 60A § 60A.09, subd. 4a (Assumption Transactions Regulated)

  “Clauses (2) and (4) above do not apply if the policyholder consents in a signed writing to a release of the original insurer from liability and to a waiver of the protections provided in clauses (2) and (4) after being informed in writing by the insurer of the circumstances relating to and the...”

• Minn. Stat. Chapter 60A § 60A.052, subd. 3 (Denial; Notice to Applicant)

  “Whenever it appears to the commissioner that an application for a certificate of authority should be denied pursuant to subdivision 1, the commissioner shall promptly give a written notice to the applicant of the denial. The notice must state the grounds for the denial and give reasonable notice of...”

• Minn. Stat. Chapter 60A § 60A.06, subd. 3 (Kinds of Insurance Permitted; Limitation on Combination Policies)

  “Unless specifically authorized by subdivision 1, clause (4), it is unlawful to combine in one policy coverage permitted by subdivision 1, clauses (4) and (5)(a). This subdivision does not prohibit the simultaneous sale of these products, but the sale must involve two separate and distinct policies.”

• Minn. Stat. Chapter 60A § 60A.02, subd. 3 (Definitions; Insurance)

  “"Insurance" is any agreement whereby one party, for a consideration, undertakes to indemnify another to a specified amount against loss or damage from specified causes, or to do some act of value to the assured in case of such loss or damage. A program of self-insurance, self-insurance revolving...”

• Minn. Stat. Chapter 60A § 60A.10, subd. 2 (Like Requirement for Foreign Companies)

  “Any insurance company of any other state of the United States may file with the commissioner a certificate of the insurance commissioner of the other state that, as such officer, there is held in trust by the certifying commissioner and on deposit for the benefit of all the policyholders of the...”

• Minn. Stat. Chapter 60A § 60A.052, subd. 4a (Withdrawal of Insurer from State)

  “No insurer shall withdraw from this state until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this state have been assumed by another licensed insurer according to section 60A.”

• Minn. Stat. Chapter 60A § 60A.11, subd. 7 (Investments in Name of Company or Nominee and Prohibitions)

  “No officer, director, or member of any committee passing on investments shall borrow any of such funds, or become, directly or indirectly, liable as a surety or endorser for or on account of loans thereof to others, or receive for personal use any fee, brokerage, commission, gift, or other...”

• Minn. Stat. Chapter 60A § 60A.01 (Scope)

  “This chapter includes the provisions relating to administration in general and the provisions applicable to insurance in general.”

• Minn. Stat. § 60A.06, subd. 3 (Limitation on Combination Policies)

  “(a) Unless specifically authorized by subdivision 1, clause (4), it is unlawful to combine in one policy coverage permitted by subdivision 1, clauses (4) and (5)(a). This subdivision does not prohibit the simultaneous sale of these products, but the sale must involve two separate and distinct policies.”

• Minn. Stat. § 60A.07, subd. 4 (License Required)

  “No insurance company or association, or fraternal benefit society, not specifically exempted therefrom by law, shall transact the business of insurance in this state unless it shall hold a license therefor from the commissioner.”

• Minn. Stat. § 60A.06, subd. 1(4) (Kinds of Insurance Permitted: Life and Endowment)

  “(4) To make contracts of life and endowment insurance, to grant, purchase, or dispose of annuities or endowments of any kind; and, in such contracts, or in contracts supplemental thereto to provide for additional benefits in event of death of the insured by accidental means, total permanent...”

• Minn. Stat. § 60A.06, subd. 1, clause (6) (Kinds of Insurance Permitted; Statutory Lines)

  “To guarantee the fidelity of persons in fiduciary positions, public or private, or to act as surety on official and other bonds, and for the performance of official or other obligations;”

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