Minnesota Statutes Chapter 60K, Secs. 60K.30 through 60K.56: Insurance Producers

What this document is

Minnesota Statutes Chapter 60K - Insurance Producers (Secs. 60K.30 through 60K.56) 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 60K § 60K.49, subd. 3 (Appointments; Exception)

  “A licensed insurance producer may, in response to the needs of a customer, procure insurance in a class of insurance for which the producer is licensed from an insurer by which the producer is not appointed, if the transaction is consummated through an appointed agent of the insurer.”

• Minn. Stat. Chapter 60K § 60K.49, subd. 7 (Appointments; Period of Effectiveness)

  “Appointments shall remain in force until voluntarily terminated by the insurer or the producer, or until the license of the producer has been terminated for any reason. An insurer may terminate the appointment at any time by notifying the commissioner and the producer under section 60K.51 . If the...”

• Minn. Stat. Chapter 60K § 60K.46, subd. 3 (Required and Prohibited Acts; Commissions or Compensation)

  “A duly licensed producer may pay commissions or assign or direct that commissions be paid to a partnership of which the producer is a member, employee, or agent, or to a corporation of which the producer is an officer, employee, or agent.”

• Minn. Stat. Chapter 60K § 60K.37, subd. 3(b) (Business Entity License)

  “A business entity insurance producer license does not grant authority to any individual officer, director, partner, member, or employee to act as an insurance producer.”

• Minn. Stat. Chapter 60K § 60K.56, subd. 7 (Continuing Insurance Education; Waiver of Requirements)

  “It is the licensed person's responsibility to request a waiver or extension on a form prescribed by the commissioner. As of the day the licensed person properly files a request for a waiver or extension, the license remains in effect until the commissioner notifies the licensed person of the commissioner's decision.”

• Minn. Stat. Chapter 60K § 60K.48, subd. 1 (Commissions; Payment Prohibited)

  “An insurance company or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under sections 60K.30 to 60K.56 and is not so licensed.”

• Minn. Stat. Chapter 60K § 60K.31, subd. 12 (Definitions, Negotiate)

  “"Negotiate" means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract if the person engaged in that act either sells insurance...”

• Minn. Stat. Chapter 60K § 60K.36, subd. 2 (Examination Not Required)

  “A resident individual applying for a limited lines credit insurance, title insurance, travel insurance, or bail bonds license is not required to take a written examination.”

• Minn. Stat. Chapter 60K § 60K.46, subd. 5 (Required and Prohibited Acts; Premiums)

  “All premiums or other money received by a producer from an insured or applicant for insurance must be promptly deposited directly in a business checking, savings, or other similar account maintained by the producer or agency, unless the money is forwarded directly to the designated insurer.”

• Minn. Stat. Chapter 60K § 60K.43, subd. 1 (License Denial, Nonrenewal, or Revocation; Causes)

  “The commissioner may, by order, restrict, censure, suspend, revoke, or refuse to issue or renew an insurance producer's license or may levy a civil penalty under section 45.027 or any combination of actions, for any one or more of the following causes: (1) providing incorrect, misleading,...”

• Minn. Stat. Chapter 60K § 60K.34, subd. 1 (Exceptions to Licensing, license not required)

  “Nothing in sections 60K.30 to 60K.56 requires an insurer to obtain an insurance producer license. In this section, the term "insurer" does not include an insurer's officers, directors, employees, subsidiaries, or affiliates.”

• Minn. Stat. Chapter 60K § 60K.38, subd. 3 (License; Lapsed License)

  “An individual insurance producer who allows the license to lapse may, within 12 months from the due date of the renewal fee, reinstate the license without the necessity of passing a written examination. However, a penalty in the amount of twice the unpaid renewal fee must be paid by the individual...”

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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