All insurers subject to the provisions of this chapter shall form an organization to be known as the Minnesota Insurance Guaranty Association. All insurers defined as member insurers in section 60C.03, subdivision 6, are and shall remain members of the association as a condition of their authority to transact insurance business or to execute surety bonds in this state. An insurer's membership obligations under this chapter shall survive any merger, consolidation, restructuring, incorporation, or reincorporation. The association shall perform its functions under a plan of operation established and approved under section 60C.07 and shall exercise its powers through a board of directors established under section 60C.08. For purposes of administration and assessment the association shall be divided into five separate accounts: (1) the automobile insurance account, (2) the township mutuals account, (3) the fidelity and surety bond account, (4) the account for all other insurance to which this chapter applies, and (5) the workers' compensation insurance account.
1971 c 145 s 4; 1976 c 185 s 4; 1981 c 346 s 35; 1991 c 325 art 6 s 5
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 60C — Insurance Guaranty Association
Section 60C.02 — Scope, Purposes, And Construction.
Section 60C.05 — Powers And Duties.
Section 60C.07 — Plan Of Operation.
Section 60C.08 — Board Of Directors.
Section 60C.09 — Covered Claims.
Section 60C.10 — Evaluation Of Claims.
Section 60C.11 — Effect Of Paid Claims.
Section 60C.12 — Appeal And Review.
Section 60C.13 — Exhaustion Of Other Coverage.
Section 60C.14 — Duties And Powers Of Commissioner.
Section 60C.15 — Prevention Of Insolvencies.
Section 60C.16 — Examination Of Association.
Section 60C.17 — Tax Exemption.
Section 60C.18 — Recognition Of Assessments In Rates.
Section 60C.195 — Stay Of Proceedings.
Section 60C.20 — Unfair Trade Practices.
Section 60C.21 — Insolvency; Notice Of Guaranty Fund Protection.