Minnesota Statutes Chapter 60A, second third

What this document is

Minnesota Statutes Chapter 60A, second third (Secs. 60A.112 through 60A.53) 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.198, subd. 1 (Transaction of Nonadmitted Insurance; License Required)

  “A surplus lines license is not required for a licensed agent who assists in the placement of nonadmitted insurance with a surplus lines broker pursuant to sections 60A.195 to 60A.209 .”

• Minn. Stat. Chapter 60A § 60A.175(b) (Agent Commissions)

  “An insurer may not reduce agent commissions, bonuses, or other compensation contained in written agreements without first providing written notice of the change to the agent at least 180 days before its effective date.”

• Minn. Stat. Chapter 60A § 60A.42 (Disability Income Coverage; Prohibited Provision)

  “No policy, contract, certificate, or agreement offered or issued in this state providing for disability income protection coverage may contain a provision purporting to reserve discretion to the insurer to interpret the terms of the contract or provide a standard of review that is inconsistent with...”

• Minn. Stat. Chapter 60A § 60A.1755 (Agent Errors and Omissions Insurance; Choice of Source)

  “An insurance company shall not require an insurance agent to maintain insurance coverage for the agent's errors and omissions from a specific insurance company. This section does not apply if the insurance producer is a captive producer or employee of the insurance company imposing the requirement,...”

• Minn. Stat. Chapter 60A § 60A.25, subd. 1 (Insolvent Companies; Notification of Policyholders)

  “Whenever any foreign or domestic insurance company authorized to transact the business of insurance in Minnesota is adjudicated insolvent, or whenever its policies are declared null and void by court order, the commissioner of commerce shall ascertain the names and last known addresses of all...”

• Minn. Stat. Chapter 60A § 60A.178 (Life or Health Insurance Sales Quotas)

  “No insurer, its officers, or managers shall require licensed property and casualty agents to sell a specified number of life or health insurance policies or a specified dollar amount of life and health insurance as a condition of selling property-casualty insurance. No insurer, its officers, or...”

• Minn. Stat. Chapter 60A § 60A.43(b) (Disability Income Coverage; Disclosure)

  “Receipt of the disclosure described in paragraph (a) must be acknowledged by the potential policyholder or plan sponsor and evidence of the disclosure and acknowledgment must be retained by the insurance company offering the coverage for a period of no less than two years.”

• Minn. Stat. Chapter 60A § 60A.27, subd. 1 (Discipline of Insurer by Another State; Notice to Commissioner)

  “An insurance company licensed to transact business in this state is hereby required to notify the commissioner of commerce within ten business days of the happening of any one or more of the following: (1) the suspension or revocation of its right to transact business in another state; or (2) the...”

• Minn. Stat. Chapter 60A § 60A.23, subd. 8(3) (Self-Insurance Plan Administrators; License)

  “No vendor of risk management services or entity administering a self-insurance or insurance plan may transact this business in this state unless it is licensed to do so by the commissioner. An applicant for a license shall state in writing the type of activities it seeks authorization to engage in...”

• Minn. Stat. Chapter 60A § 60A.205, subd. 2 (Compensation; Consequences of Receipt)

  “If an eligible surplus lines insurer has assumed a risk, and if the premium for that risk has been received by the broker who placed the insurance, then as between the insurer and the insured, the insurer shall be considered to have received the premium due to it for the coverage and shall be...”

• Minn. Stat. Chapter 60A § 60A.52, subd. 4 (Company Action Level Event; RBC Plan Implementation)

  “Within 60 days after the submission by a health organization of an RBC plan to the commissioner, the commissioner shall notify the health organization whether the RBC plan must be implemented or is, in the judgment of the commissioner, unsatisfactory.”

• Minn. Stat. Chapter 60A § 60A.201, subd. 6 (Placement of Insurance by Broker; Coverage Deemed Unavailable)

  “Coverage for a risk that was referred to a surplus lines broker by a Minnesota licensed insurance producer who is not affiliated with the surplus lines broker is deemed unavailable from a licensed insurer.”

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More Minnesota sources

• Minn. Stat. s. 72A.20: Methods, acts, and practices which are unfair or deceptiveState statute
• Minn. Stat. s. 60K.43: Producer license denial, suspension, revocation, or refusalState statute
• Minn. Stat. s. 60K.31 et seq.: Insurance producer licensingState statute
• Minn. Stat. ss. 61A.03 et seq.: Life insurance policy provisionsState statute
• Minn. Stat. s. 62A.04: Accident and health policy required and optional provisionsState statute
• Minnesota Statutes Chapter 176 - Workers' Compensation (the Minnesota Workers' Compensation Act: coverage, benefits, procedure, rehabilitation, insurance)State statute
• Minnesota Statutes Chapter 45 - Department of Commerce (the commissioner's powers, enforcement, licensing administration and the 45.027 enforcement section)State statute
• Minnesota Statutes Chapter 60A - Insurance in General, first third (Secs. 60A.01 through 60A.11)State statute