Subdivision 1. Scope. For the purposes of sections 60A.60 to 60A.696, the terms defined in this section have the meanings given them.
Subd. 2. Adjusted risk-based capital report. "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner according to section 60A.61, subdivision 5.
Subd. 3. Corrective order. "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required.
Subd. 4. Domestic insurer. "Domestic insurer" means an insurance company incorporated or organized in this state.
Subd. 5. Foreign insurer. "Foreign insurer" means an insurance company that is admitted to do business in this state under section 60A.19 but is not incorporated or organized in this state.
Subd. 6. NAIC. "NAIC" means the National Association of Insurance Commissioners.
Subd. 7. Life and/or health insurer. "Life and/or health insurer" means an insurance company authorized to transact business under section 60A.06, subdivision 1, clause (4), or a property and casualty insurer transacting business only under section 60A.06, subdivision 1, clause (5)(a).
Subd. 8. Property and casualty insurer. "Property and casualty insurer" means an insurance company authorized to transact business under section 60A.06, subdivision 1, clauses (1), (2), (3), (5), (6), (8), (9), (10), (11), (12), (13), (14), and (15), but does not include monoline mortgage guaranty insurers, and financial guaranty insurers.
Subd. 9. Negative trend. "Negative trend" means negative trend over a period of time, as determined according to the "trend test calculation" included in the risk-based capital instructions.
Subd. 10. Risk-based capital instructions. "Risk-based capital instructions" means the risk-based capital report including risk-based capital instructions adopted by the NAIC, as those risk-based instructions may be amended by the NAIC from time to time according to the procedures adopted by the NAIC.
Subd. 11. Risk-based capital level. "Risk-based capital level" means an insurer's company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital, or mandatory control level risk-based capital where:
(1) "company action level risk-based capital" means, with respect to an insurer, the product of 2.0 and its authorized control level risk-based capital;
(2) "regulatory action level risk-based capital" means the product of 1.5 and its authorized control level risk-based capital;
(3) "authorized control level risk-based capital" means the number determined under the risk-based capital formula according to the risk-based capital instructions;
(4) "mandatory control level risk-based capital" means the product of .70 and the authorized control level risk-based capital.
Subd. 12. Risk-based capital plan. "Risk-based capital plan" means a comprehensive financial plan containing the elements specified in section 60A.62, subdivision 2. If the commissioner rejects the risk-based capital plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan must be called the "revised risk-based capital plan."
Subd. 13. Risk-based capital report. "Risk-based capital report" means the report required in section 60A.61.
Subd. 14. Total adjusted capital. "Total adjusted capital" means the sum of:
(1) an insurer's statutory capital and surplus as determined in accordance with statutory accounting applicable to the annual statement required to be filed under section 60A.13; and
(2) other items, if any, as the risk-based capital instructions may provide.
1995 c 253 s 2; 2011 c 61 s 2
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.