Minnesota Statutes Chapter 60A, final third

What this document is

Minnesota Statutes Chapter 60A, final third (Secs. 60A.54 through 60A.991) 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 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.955 (Claim Forms to Contain Fraud Warning)

  “An insurer may comply with this section by including the warning on an addendum attached to the claim form. The absence of the required warning does not constitute a defense in a prosecution for a violation of chapter 609 or any other chapter of Minnesota Statutes.”

• Minn. Stat. Chapter 60A § 60A.9853, subd. 3 (Notification to Consumers)

  “Consumer notification is not required for a cybersecurity event resulting from the good faith acquisition of nonpublic information by an employee or agent of the licensee for the purposes of the licensee's business, provided the nonpublic information is not used for a purpose other than the...”

• Minn. Stat. Chapter 60A § 60A.952, subd. 3 (Immunity From Liability)

  “If insurers, insurance support organizations as defined in section 72A.491, subdivision 12 , agents acting on the insurers' behalf, or authorized persons release information in good faith under this section, whether orally or in writing, they are immune from any liability, civil or criminal, for...”

• Minn. Stat. Chapter 60A § 60A.725(b) (Duties of Insurers Using a Reinsurance Intermediary-Broker)

  “An insurer may not employ an individual who is employed by an RB with which it transacts business, unless the RB is under common control with the insurer and subject to chapter 60D.”

• Minn. Stat. Chapter 60A § 60A.67, subd. 2 (Confidentiality; Prohibition on Announcements)

  “Except as otherwise required under sections 60A.60 to 60A.696 , the making, publishing, dissemination, circulating, or placing before the public, or causing, directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other...”

• Minn. Stat. Chapter 60A § 60A.66 (Hearings)

  “(4) notification to an insurer by the commissioner of a corrective order with respect to the insurer, the insurer has the right to a confidential hearing conducted in accordance with chapter 14, on a record, at which the insurer may challenge any determination or action by the commissioner.”

• Minn. Stat. Chapter 60A § 60A.67, subd. 3 (Prohibition on Use in Ratemaking)

  “The risk-based capital instructions, risk-based capital reports, adjusted risk-based capital reports, risk-based capital plans, and revised risk-based capital plans are intended solely for use by the commissioner in monitoring the solvency of insurers and the need for possible corrective action...”

• Minn. Stat. Chapter 60A § 60A.73, subd. 15 (Responsibility of Reinsurer)

  “Within the scope of its actual or apparent authority, the acts of the RM are considered to be the acts of the reinsurer on whose behalf it is acting.”

• Minn. Stat. Chapter 60A § 60A.74, subd. 4 (Binding Authority; Reinsurer Using an RM)

  “Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.”

• Minn. Stat. § 60A.9581, subd. 1 (Prohibited Practices; Solicitations and Sales to Controlled Person)

  “With respect to any viatical settlement contract or insurance policy, no viatical settlement broker knowingly shall solicit an offer from, effectuate a viatical settlement with, or make a sale to any viatical settlement provider, viatical settlement purchaser, viatical settlement investment agent,...”

• Minn. Stat. § 60A.9572, subd. 3 (License and Bond Requirements; Life Insurance Producer)

  “(a) An insurance producer who is currently licensed with the life line of authority and has been licensed in good standing for at least one year is deemed to meet the licensing requirements of this section and is permitted to operate as a viatical settlement broker.”

• Minn. Stat. § 60A.74, subd. 5 (Duties of Reinsurer Utilizing an RM; Notification of Termination)

  “Within 30 days of termination of a contract with an RM, the reinsurer shall provide written notification of the termination to the commissioner.”

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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