Township Mutual Fire Insurance Companies

What this document is

Minnesota Statutes Chapter 67A - Township Mutual Fire Insurance Companies (Secs. 67A.01 through 67A.41) 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 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. § 67A.13 (Types of Insurance Authorized)

  “A township mutual fire insurance company shall insure only against loss or damage by fire, lightning, explosion, flood, earthquake, theft, vandalism, collapse, upset, overturn, collision, riot, riot attending a strike, civil commotion, aircraft, vehicles, smoke, breakage of glass, weight of ice,...”

• Minn. Stat. § 67A.14, subd. 1(b) (Insurable Property; Secondary Property)

  “Township mutual fire insurance companies may extend coverage to include an insured's secondary property if the township mutual fire insurance company covers qualified property belonging to the insured. Secondary property means any real or personal property that is not considered qualified property...”

• Minn. Stat. § 67A.175, subd. 2 (Surplus Requirements; Corrective Action Plan; Filing)

  “A township mutual fire insurance company that falls below the $300,000 minimum surplus requirement must file a corrective action plan with the commissioner. The plan shall state how the company will correct its surplus deficiency. The plan must be submitted within 45 days of the company falling...”

• Minn. Stat. § 67A.18, subd. 2 (Termination; By Company)

  “The company may annul and cancel any policy after giving not less than ten days' written notice to the insured by registered or certified mail to the last known address of the insured and to any mortgagee to whom the policy is made payable.”

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