Minnesota Statutes
Chapter 60A — General Insurance Powers
Section 60A.127 — Independent Appraisals Of Certain Properties.

Subdivision 1. Random sample appraisal requirement. Each domestic insurer that does not obtain independent appraisals of all distressed, delinquent, and restructured mortgage loans and use such appraisals to determine the carrying values for its annual statement shall obtain independent appraisals of a random sample of those loans for which it did not obtain and use such appraisals. The independent appraisals must be obtained by the insurer no later than 60 days after the filing of the insurer's annual statement. The loans to be sampled do not include loans for which the insurer determined the carrying value on the basis of guarantees or other credit enhancements.
Subd. 2. Sampling procedure; rules. The commissioner may adopt rules specifying the percentage of distressed, delinquent, and restructured loans for which the insurer must obtain an independent appraisal. The percentage may vary between insurers or types of loans and may apply to the number of loans, the dollar value of loans, or both. The rules may also specify a procedure for determining how to identify the specific loans for which an appraisal is required. The commissioner may adopt under this subdivision only rules that would require sampling no less extensive than that required by subdivision 3.
Subd. 3. Statutory sampling procedure. (a) Unless and until rules authorized by subdivision 2 are adopted, each domestic insurer must:
(1) obtain an independent appraisal of five percent of its distressed, delinquent, or restructured loans required to be sampled under subdivision 1; and
(2) establish a uniform system of assigning sequential numbers to its distressed, delinquent, or restructured loans based upon the date on which a loan first enters one of those categories, and then obtain an independent appraisal of every 20th loan required to be sampled under subdivision 1, beginning with the tenth loan or with the loan having another number that the commissioner may announce on or within five business days after the due date for filing of the annual statement.
(b) A domestic insurer may use a sampling procedure different from that described in paragraph (a) with the prior approval of the commissioner. The commissioner may grant such approval only if the different procedure would result in a sampling that is at least as accurate and as extensive under the circumstances as the method required by paragraph (a).
Subd. 4. Record keeping; reporting. The independent appraisals must be kept in the insurer's records and must be available to the commissioner upon request. Each insurer must file with the commissioner an annual report listing each mortgage loan for which the insurer obtained an independent appraisal under this section and showing for each of those loans the appraisal value, the carrying value determined by the insurer, and other information required by the commissioner. The report must be filed with the commissioner no later than 120 days after the filing of the annual report.
Subd. 5. Additional requirements. If the commissioner determines, on the basis of the report of independent appraisals required by subdivision 4, that the carrying values shown on the annual statement, determined by methods other than an independent appraisal, overstate the market value of the loans required to be sampled, the commissioner may require any of the following procedures:
(1) independent appraisals of additional loans from the loans required to be sampled;
(2) filing of a supplement to, or a revision of, the annual statement, showing revised carrying values for all or any appropriate portion of the loans required to be sampled; and
(3) a second independent appraisal for any loan for which an independent appraisal was obtained under this section.
Subd. 6. Selection of independent appraiser. The insurer shall not obtain more than one-third of the independent appraisals required under this section from any one appraiser or from any one firm.
Subd. 7. Powers in this section not limiting. This section does not limit any powers otherwise available to the commissioner.
1991 c 325 art 19 s 7

Structure Minnesota Statutes

Minnesota Statutes

Chapters 59A - 79A — Insurance

Chapter 60A — General Insurance Powers

Section 60A.01 — Scope.

Section 60A.02 — Definitions.

Section 60A.03 — Commissioner Of Commerce.

Section 60A.031 — Examinations.

Section 60A.032 — Commissioner's Orders, Report.

Section 60A.033 — Scheduling Conference And Order.

Section 60A.035 — Government Controlled Or Owned Company Prohibited From Transacting Business.

Section 60A.052 — Certificates Of Authority; Enforcement Actions.

Section 60A.06 — Kinds Of Insurance Permitted.

Section 60A.07 — Authorization And Requirements.

Section 60A.078 — Short Title.

Section 60A.0782 — Definitions.

Section 60A.0783 — Insurable Interest Required.

Section 60A.0784 — Prohibited Practices.

Section 60A.0785 — Prohibition; Entry Into Settlement Contracts.

Section 60A.0786 — Presumption Of Stoli Practices.

Section 60A.0787 — Processing Change Of Ownership Or Beneficiary Requests.

Section 60A.0788 — Fraudulent Acts.

Section 60A.0789 — Remedies.

Section 60A.08 — Contracts Of Insurance.

Section 60A.081 — Aircraft Insurance.

Section 60A.0811 — Breach Of Insurance Policy; Recovery Of Interest.

Section 60A.082 — Group Insurance; Benefits Continued If Insurer Changed.

Section 60A.084 — Notification On Group Policies.

Section 60A.085 — Cancellation Of Group Coverage; Notification To Covered Persons.

Section 60A.086 — Retroactive Termination Of Coverage Under Group Policies Prohibited.

Section 60A.09 — Limits Of Risk; Reinsurance.

Section 60A.091 — Definition; Qualified United States Financial Institution.

Section 60A.092 — Reinsurance Credit Allowed A Domestic Ceding Insurer.

Section 60A.0921 — Credit For Reinsurance; Certified Reinsurers.

Section 60A.093 — Reduction From Liability For Reinsurance Ceded By A Domestic Insurer; Collateral Requirements.

Section 60A.094 — Rules.

Section 60A.095 — Reinsurance Agreements Affected.

Section 60A.096 — Qualifying Letter Of Credit.

Section 60A.097 — Qualifying Trust Agreements.

Section 60A.10 — Deposits For Protection Of Policyholders.

Section 60A.11 — Investments Permitted For Domestic Companies.

Section 60A.112 — Investment Policy Required.

Section 60A.12 — Assets And Liabilities.

Section 60A.121 — Valuations; Definitions.

Section 60A.122 — Required Written Procedures For Valuations.

Section 60A.123 — Valuation Procedure.

Section 60A.124 — Independent Audit.

Section 60A.125 — Appraisal By Independent Appraiser.

Section 60A.126 — Reports To Board; Valuations.

Section 60A.127 — Independent Appraisals Of Certain Properties.

Section 60A.1285 — Other Impairments.

Section 60A.1291 — Annual Audit.

Section 60A.1295 — Actuarial Opinion Of Reserves And Supporting Documentation.

Section 60A.1296 — Confidentiality.

Section 60A.13 — Annual Statement, Inquiries, Renewal Licenses.

Section 60A.131 — Other Business And Insurance Interests, Disclosure.

Section 60A.135 — Report; Certain Transactions.

Section 60A.136 — Acquisitions And Dispositions Of Assets.

Section 60A.137 — Nonrenewals, Cancellations, Or Revisions Of Ceded Reinsurance Agreements.

Section 60A.139 — Electronic Notices And Documents.

Section 60A.1391 — Corporate Governance Annual Disclosure.

Section 60A.14 — Fees.

Section 60A.16 — Mergers And Consolidations.

Section 60A.161 — Insurer Domestication And Conversion.

Section 60A.171 — Rehabilitation And Cancellation Of Independent Agent Contracts By Insurance Companies.

Section 60A.172 — Insurance Agency Contracts; Cancellation.

Section 60A.173 — Effective Date.

Section 60A.174 — Severability.

Section 60A.175 — Agent Commissions.

Section 60A.1755 — Agent Errors And Omissions Insurance; Choice Of Source.

Section 60A.176 — Definitions.

Section 60A.177 — Involuntary Termination Of An Agent By The Insurer.

Section 60A.178 — Life Or Health Insurance Sales Quotas.

Section 60A.179 — Life Or Health Insurance Sales Quotas For Exclusive Agents.

Section 60A.19 — Foreign Companies.

Section 60A.195 — Citation.

Section 60A.196 — Definitions.

Section 60A.197 — Rates And Forms.

Section 60A.198 — Transaction Of Nonadmitted Insurance.

Section 60A.199 — Examinations.

Section 60A.201 — Placement Of Insurance By Broker.

Section 60A.202 — Evidence Of Placement Of Insurance By Broker.

Section 60A.203 — Retention Of Records.

Section 60A.204 — Fees And Commissions.

Section 60A.205 — Compensation.

Section 60A.206 — Qualification As Eligible Surplus Lines Insurer.

Section 60A.207 — Policies To Include Notice.

Section 60A.208 — Broker Association.

Section 60A.2085 — Surplus Lines Association Of Minnesota.

Section 60A.2086 — Licensee's Duty To Submit Documents; Penalty.

Section 60A.209 — Insurance Procured From Ineligible Insurers.

Section 60A.2095 — Construction.

Section 60A.21 — Unauthorized Insurers Process Act.

Section 60A.22 — Special Provisions As To Stock Companies; Stockholders, Officers, Directors And Investors.

Section 60A.23 — Miscellaneous.

Section 60A.235 — Standards For Determining Whether Contracts Are Health Plan Contracts Or Stop Loss Contracts.

Section 60A.236 — Stop Loss Regulation; Small Employer Coverage.

Section 60A.24 — Exemptions From Insurance Laws Of This State.

Section 60A.25 — Insolvent Companies.

Section 60A.26 — Suspension Of Insurers; Notifications And Reports.

Section 60A.27 — Discipline Of Insurer By Another State; Notice To Commissioner.

Section 60A.28 — Documents Filed With Commissioner, Verification.

Section 60A.29 — Nonprofit Risk Indemnification Trust Act.

Section 60A.315 — Expedited Form And Rate Filing.

Section 60A.32 — Rate Filing For Crop Hail Insurance.

Section 60A.35 — Scope.

Section 60A.351 — Renewal Of Insurance Policy With Altered Rates.

Section 60A.352 — Workers' Compensation Insurance.

Section 60A.36 — Midterm Cancellation.

Section 60A.37 — Nonrenewal.

Section 60A.38 — Interpretation And Penalties.

Section 60A.39 — Certificates Of Insurance.

Section 60A.41 — Subrogation Against Insureds Prohibited.

Section 60A.42 — Disability Income Coverage; Prohibited Provision.

Section 60A.50 — Definitions.

Section 60A.51 — Rbc Reports.

Section 60A.52 — Company Action Level Event.

Section 60A.53 — Regulatory Action Level Event.

Section 60A.54 — Authorized Control Level Event.

Section 60A.55 — Mandatory Control Level Event.

Section 60A.56 — Hearings.

Section 60A.57 — Access To And Use Of Rbc Information.

Section 60A.58 — Supplemental Provisions.

Section 60A.59 — Foreign Health Organizations.

Section 60A.591 — Immunity.

Section 60A.592 — Notices.

Section 60A.60 — Definitions.

Section 60A.61 — Risk-based Capital Reports.

Section 60A.62 — Company Action Level Event.

Section 60A.63 — Regulatory Action Level Event.

Section 60A.64 — Authorized Control Level Event.

Section 60A.65 — Mandatory Control Level Event.

Section 60A.66 — Hearings.

Section 60A.67 — Confidentiality.

Section 60A.68 — Supplemental Provisions; Rules; Exemption.

Section 60A.69 — Foreign Insurers.

Section 60A.695 — Immunity.

Section 60A.696 — Notices.

Section 60A.70 — Title.

Section 60A.705 — Definitions.

Section 60A.71 — Licensure.

Section 60A.715 — Required Contract Provisions; Reinsurance Intermediary-brokers.

Section 60A.72 — Books And Records; Reinsurance Intermediary-brokers.

Section 60A.725 — Duties Of Insurers Utilizing The Services Of A Reinsurance Intermediary-broker.

Section 60A.73 — Required Contract Provisions; Reinsurance Intermediary-managers.

Section 60A.735 — Prohibited Acts.

Section 60A.74 — Duties Of Reinsurer Utilizing The Services Of A Reinsurance Intermediary-manager.

Section 60A.745 — Examination Authority; Reinsurance Intermediary - Broker.

Section 60A.75 — Violations.

Section 60A.755 — Scope.

Section 60A.756 — Rules.

Section 60A.76 — Purpose And Scope.

Section 60A.761 — Glossary Of Technical Terms Used.

Section 60A.762 — Categories Of Reserves.

Section 60A.763 — Claim Reserves.

Section 60A.764 — Premium Reserves.

Section 60A.765 — Contract Reserves Required.

Section 60A.766 — Minimum Standards For Contract Reserves.

Section 60A.767 — Reinsurance.

Section 60A.768 — Specific Standards For Morbidity, Interest, And Mortality.

Section 60A.803 — Life And Health Reinsurance Agreements.

Section 60A.90 — Scope.

Section 60A.91 — Filing Requirements.

Section 60A.92 — Immunity.

Section 60A.93 — Confidentiality.

Section 60A.94 — Revocation Of Certificate Of Authority.

Section 60A.951 — Definitions.

Section 60A.952 — Disclosure Of Information.

Section 60A.953 — Enforcement; Refusal To Cooperate With An Investigation.

Section 60A.954 — Insurance Antifraud Plan.

Section 60A.955 — Claim Forms To Contain Fraud Warning.

Section 60A.956 — Other Law Enforcement Authority.

Section 60A.957 — Definitions.

Section 60A.9572 — License And Bond Requirements.

Section 60A.9573 — License Revocation And Denial.

Section 60A.9574 — Approval Of Viatical Settlement Contracts And Disclosure Statements.

Section 60A.9575 — Reporting Requirements And Privacy.

Section 60A.9577 — Disclosure To Viator.

Section 60A.9579 — General Rules.

Section 60A.9581 — Prohibited Practices And Conflicts Of Interest.

Section 60A.9582 — Advertising For Viatical Settlements And Viatical Settlements Purchase Agreements.

Section 60A.9583 — Fraud Prevention And Control.

Section 60A.9585 — Unfair Trade Practice.

Section 60A.964 — Fees.

Section 60A.975 — Definitions.

Section 60A.976 — Annuity Issuers Financial Requirements.

Section 60A.985 — Definitions.

Section 60A.9851 — Information Security Program.

Section 60A.9852 — Investigation Of A Cybersecurity Event.

Section 60A.9853 — Notification Of A Cybersecurity Event.

Section 60A.9854 — Power Of Commissioner.

Section 60A.9855 — Confidentiality.

Section 60A.9856 — Exceptions.

Section 60A.9857 — Penalties.

Section 60A.9858 — Exclusivity.

Section 60A.99 — Interstate Insurance Product Regulation Compact.

Section 60A.991 — Interstate Insurance Product Regulation Compact Opt Out Administration.