Subdivision 1. Annual statements required. Every insurance company, including fraternal benefit societies, and reciprocal exchanges, doing business in this state, shall file with the commissioner, annually, on or before March 1, the appropriate verified National Association of Insurance Commissioners' annual statement blank, prepared in accordance with the association's instructions handbook and following those accounting procedures and practices prescribed by the association's accounting practices and procedures manual, unless the commissioner requires or finds another method of valuation reasonable under the circumstances. Another method of valuation permitted by the commissioner must be at least as conservative as those prescribed in the association's manual. All companies required to file an annual statement under this subdivision may also be required to file with the commissioner and the National Association of Insurance Commissioners a copy of their annual statement in an electronic form prescribed by the commissioner. All Minnesota domestic insurers required to file annual statements under this subdivision must also file quarterly statements with the commissioner for the first, second, and third calendar quarter on or before 45 days after the end of the applicable quarter, prepared in accordance with the association's instruction handbook. All companies required to file quarterly statements under this subdivision may also be required to file the quarterly statements with the commissioner and the National Association of Insurance Commissioners in an electronic form prescribed by the commissioner. In addition, the commissioner may require the filing of any other information determined to be reasonably necessary for the continual enforcement of these laws. The statement may be limited to the insurer's business and condition in the United States unless the commissioner finds that the business conducted outside the United States may detrimentally affect the interests of policyholders in this state. The statements shall also contain a verified schedule showing all details required by law for assessment and taxation. The statement or schedules shall be in the form and shall contain all matters the commissioner may prescribe, and it may be varied as to different types of insurers so as to elicit a true exhibit of the condition of each insurer.
Subd. 1a. [Repealed, 1993 c 375 art 2 s 36]
Subd. 2. Commissioner may inquire and require reply under oath. The commissioner may also address to any insurer, including fraternal benefit societies, township mutuals and interinsurance exchanges, or its officers, any inquiry in relation to its transactions or conditions, or any matter connected therewith. Every insurer, or person so addressed, shall reply in writing to such inquiry promptly and truthfully, and such reply shall be verified, if required by the commissioner, by such individual or by such officer or officers of an insurer as the commissioner shall designate.
Subd. 3. [Repealed, 1978 c 793 s 98]
Subd. 3a. [Repealed, 1993 c 299 s 33]
Subd. 4. [Repealed, 1978 c 793 s 98]
Subd. 4a. [Repealed, 2007 c 13 art 2 s 3]
Subd. 5. Renewal license. The license issued by the commissioner is perpetual and is considered renewed annually on June 1 upon payment of the renewal license fee, the annual filing fee, and all other fees required by section 60A.14.
Subd. 6. Company or agent cannot continue business unless statement is filed. No company shall transact any new business in this state after May 31 in any year unless it shall have previously transmitted its annual statement to the commissioner and filed a copy of its statement with the National Association of Insurance Commissioners. The commissioner may by order annually require that each insurer pay the required fee to the National Association of Insurance Commissioners for the filing of annual statements, but the fee shall not be more than 50 percent greater than the fee set by the National Association of Insurance Commissioners. Failure to file the annual statement with the commissioner or the National Association of Insurance Commissioners is a violation of section 72A.061, subdivision 1. The fee shall be based on the relative premium volume of each insurer.
Subd. 7. Exceptions. To file statement. No fraternal benefit society, nor any social corporation paying only sick benefits not exceeding $250 in any one year, or funeral benefits, or aiding those dependent on a member not more than $350, nor any subordinate lodge or council which is, or whose members are, assessed for benefits which are payable by a grand body, shall be required to make such statements.
Subd. 8. [Repealed, 1996 c 446 art 2 s 11]
1967 c 395 art 1 s 13; 1978 c 793 s 58; 1981 c 211 s 28-31; 1984 c 592 s 7,8; 1985 c 210 art 1 s 1; 1986 c 444; 1986 c 455 s 6; 1991 c 199 art 1 s 9; 1991 c 325 art 10 s 7; 1992 c 564 art 1 s 18,54; 1993 c 299 s 4,5; 1994 c 425 s 4; 1994 c 426 s 7; 1997 c 187 art 3 s 13; 1999 c 177 s 12; 2005 c 118 s 10
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 60A — General Insurance Powers
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.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.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.16 — Mergers And Consolidations.
Section 60A.161 — Insurer Domestication And Conversion.
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.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.23 — Miscellaneous.
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.351 — Renewal Of Insurance Policy With Altered Rates.
Section 60A.352 — Workers' Compensation Insurance.
Section 60A.36 — Midterm Cancellation.
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.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.57 — Access To And Use Of Rbc Information.
Section 60A.58 — Supplemental Provisions.
Section 60A.59 — Foreign Health Organizations.
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.67 — Confidentiality.
Section 60A.68 — Supplemental Provisions; Rules; Exemption.
Section 60A.69 — Foreign Insurers.
Section 60A.705 — Definitions.
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.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.91 — Filing Requirements.
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.9583 — Fraud Prevention And Control.
Section 60A.9585 — Unfair Trade Practice.
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.9858 — Exclusivity.
Section 60A.99 — Interstate Insurance Product Regulation Compact.
Section 60A.991 — Interstate Insurance Product Regulation Compact Opt Out Administration.