Subdivision 1. Prohibitions. An insurer may not invest in investments that are prohibited for an insurer by law. The use of a derivative instrument for any purposes other than hedging, income generation, or replication is prohibited.
Subd. 2. Disposal of prohibited asset. A reasonable time, not to exceed five years, must be allowed for disposal of a prohibited investment in hardship cases if the investment is demonstrated by the insurer to have been legal when made, or the result of a mistake made in good faith, or if the commissioner determines that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public.
1998 c 319 s 10; 2001 c 131 s 10
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 60L — Investments Of Insurers
Section 60L.02 — Requirements.
Section 60L.03 — Minimum Financial Security Benchmark.
Section 60L.04 — Authorized Investments.
Section 60L.05 — Prudence Evaluation Criteria.
Section 60L.06 — Insurer Investment Policy.
Section 60L.07 — Authorized Classes Of Investments.
Section 60L.08 — Limitations Generally Applicable.
Section 60L.09 — Protection Against Currency Fluctuations.
Section 60L.10 — Prohibited Investments.
Section 60L.11 — Effect Of Investment Restrictions.
Section 60L.12 — Reports And Replies.
Section 60L.13 — Retention Of Experts.