Subdivision 1. Failure to file registration statement; civil penalty. An insurer failing, without just cause, to file a registration statement as required in section 60D.19 shall pay a penalty of $1,000 for each day's delay, to be recovered by the commissioner and paid into the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Subd. 2. Failure to provide notice and filing regarding affiliated transaction or agreement; civil penalty. An insurer failing, without just cause, to provide the appropriate notice and filing under section 60D.20 regarding an affiliated transaction or agreement, shall pay a penalty of $5,000, to be recovered by the commissioner and paid into the general fund.
Subd. 3. Certain contracts and agreements; cease and desist and void orders. Whenever it appears to the commissioner that an insurer subject to sections 60D.15 to 60D.29 or a director, officer, employee, or agent of an insurer has engaged in a transaction or entered into a contract that is subject to section 60D.20 and that would have been disapproved by the commissioner, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the commissioner may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public.
Subd. 4. Criminal penalties. Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed a willful violation of sections 60D.15 to 60D.29, the commissioner may cause criminal proceedings to be instituted by the district court for the county in which the principal office of the insurer is located or if such insurer has no such office in the state, then by the District Court for Ramsey County against such insurer or the responsible director, officer, employee or agent thereof. Any person who willfully violates sections 60D.15 to 60D.29 shall be guilty, for the first offense, of a misdemeanor, and for each subsequent offense, of a gross misdemeanor.
1971 c 288 s 9; 1992 c 464 art 2 s 1; 2014 c 198 art 5 s 1
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 60D — Insurance Holding Company Systems
Section 60D.16 — Subsidiaries Of Insurers.
Section 60D.17 — Acquisition Of Control Of Or Merger With Domestic Insurer.
Section 60D.18 — Acquisitions Involving Insurers Not Otherwise Covered.
Section 60D.19 — Registration Of Insurers.
Section 60D.20 — Standards And Management Of An Insurer Within A Holding Company System.
Section 60D.215 — Supervisory Colleges.
Section 60D.217 — Groupwide Supervision Of Internationally Active Insurance Groups.
Section 60D.22 — Confidentiality.
Section 60D.25 — Receivership.
Section 60D.27 — Revocation, Suspension, Or Nonrenewal Of Insurer's License.
Section 60D.28 — Judicial Review, Mandamus.
Section 60D.29 — Conflict With Other Laws.
Section 60D.30 — Eligibility Determination.
Section 60D.50 — Purpose And Scope.
Section 60D.52 — Risk Management Framework.
Section 60D.53 — Orsa Requirement.
Section 60D.54 — Orsa Summary Report.
Section 60D.56 — Contents Of Orsa Summary Report.