An insurer failing, without just cause, to timely file the ORSA Summary Report as required in sections 60D.50 to 60D.58 shall pay a penalty of $1,000 for each day's delay to be recovered by the commissioner and to be 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.
2014 c 198 art 6 s 9
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.