Any insurance company transacting the business of life or casualty insurance upon the cooperative or assessment plan under any law of this state may, upon so providing in its articles or bylaws, elect to ascertain and apportion to its outstanding policies or certificates the respective accumulations upon each such policy or certificate, and to carry to the credit of each such policy or certificate the future net premiums or assessments and the accretions thereto, less its equitable contribution to the death claims and other benefits, and that the premiums or assessments upon any such policy or certificate may, upon such credit becoming exhausted, be increased as may be necessary to meet its share of death claims and other benefits, and that the holder of any such policy or certificate may be granted extended or paid-up insurance or the right to convert into any other form of policy or insurance then being issued by such company and to have the credit on such former policy or certificate applied to such new policy or insurance. When making the ascertainment and apportionment, account shall be taken of the premiums or assessments theretofore paid and of the death claims and other benefits which should be borne by the policy or certificate, of the interest earnings and other accretions to the accumulated funds, and of other matters which should equitably be taken into consideration for the purposes of the apportionment. Subject to such adjustment as shall be equitable, the experience of the company, or any table of mortality recognized for the purpose of insurance and any law of this state, may be used as a basis for the ascertainment and apportionment herein authorized; provided, that any company availing itself of the provisions of this section shall, in its articles or bylaws, specify the table of mortality and rate of interest which are to be the basis for the charges thereafter to be made to the policies or certificates aforesaid; and, provided, further, that when any table of mortality is specified in any policy that table shall be followed.
1967 c 395 art 2 s 43
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Section 61A.01 — Life Insurance Company Defined.
Section 61A.011 — Interest On Unpaid Benefits.
Section 61A.02 — Forms Of Policy.
Section 61A.021 — Sale Of Life Insurance And Annuity As Single Policy Prohibited.
Section 61A.03 — Required Provisions; Life Insurance Policies.
Section 61A.031 — Suicide Provisions.
Section 61A.04 — Spendthrift Provisions.
Section 61A.05 — Life Policies To Contain Entire Contract.
Section 61A.06 — Aviation And War Risk Exclusion Permitted.
Section 61A.07 — Prohibited Provisions.
Section 61A.071 — Applications.
Section 61A.072 — Accelerated Benefits.
Section 61A.09 — Group Life Insurance.
Section 61A.091 — Employee Group Life Insurance Plans.
Section 61A.092 — Continuation Of Coverage For Life Insurance.
Section 61A.093 — Certificate Of Insurance.
Section 61A.10 — Extension Of Time For Payment Of Premiums.
Section 61A.11 — Misstatement, When Not To Invalidate Policy.
Section 61A.12 — Beneficiaries.
Section 61A.14 — Companies Entitled To Issue Contracts; Accounts; Investments.
Section 61A.15 — Contract Provisions.
Section 61A.16 — Contract Provisions.
Section 61A.17 — Filing Of Contracts.
Section 61A.18 — Disapproval Of Contracts.
Section 61A.19 — Company Requirements.
Section 61A.21 — Application Of Other Laws.
Section 61A.22 — Contracts To Specify Benefits And Consideration.
Section 61A.23 — Provisions In Policies; Laws Of Other States.
Section 61A.24 — Standard Nonforfeiture Law For Life Insurance.
Section 61A.245 — Standard Nonforfeiture Law For Individual Deferred Annuities.
Section 61A.25 — Standard Valuation Law.
Section 61A.255 — Smoker And Nonsmoker Mortality Tables.
Section 61A.257 — Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities.
Section 61A.27 — Contingency Reserve; Limitations.
Section 61A.276 — Funding Agreements.
Section 61A.28 — Domestic Companies, Investments.
Section 61A.281 — Investments; Subsidiaries.
Section 61A.282 — Investments In Name Of Company Or Nominee And Prohibitions.
Section 61A.283 — Admitted Assets.
Section 61A.284 — Investments; Capital Stock Of Other Insurance Companies.
Section 61A.29 — Foreign Investments.
Section 61A.30 — Joint Investments.
Section 61A.31 — Real Estate Holdings.
Section 61A.315 — Investments And Holdings; Limitations.
Section 61A.39 — Cooperative Life And Casualty Companies.
Section 61A.40 — Qualifications For License; Number Of Members.
Section 61A.41 — Reserve Fund; Reciprocal Provisions.
Section 61A.42 — Payments; Liens; Assessments; Policies To Be Labeled.
Section 61A.43 — Accumulations; Amendment To Articles Or Bylaws.
Section 61A.44 — Limitation On Expenses; Life Insurance.
Section 61A.45 — Limitation On Expenses; Companies With Reserve Deposits.
Section 61A.46 — Net Rates; Reserve Fund; Limitation Of Expenses.
Section 61A.47 — Reinsurance Or Consolidation.
Section 61A.48 — Change To Legal Reserve Or Level Premium Companies.
Section 61A.52 — Reserve Required.
Section 61A.55 — Duties Of Agents And Brokers.
Section 61A.56 — Duties Of All Insurers.
Section 61A.57 — Duties Of Insurers That Use Agents Or Brokers.
Section 61A.58 — Duties Of Insurers With Respect To Direct Response Sales.
Section 61A.59 — Enforcement; Effect Of Compliance.
Section 61A.60 — Required Replacement Notice And Form.
Section 61A.70 — Applicability And Scope.
Section 61A.705 — Definitions.
Section 61A.71 — Policies To Be Illustrated.
Section 61A.715 — General Rules And Prohibitions.
Section 61A.72 — Standards For Basic Illustrations.
Section 61A.725 — Standards For Supplemental Illustrations.
Section 61A.73 — Delivery Of Illustration And Record Retention.
Section 61A.735 — Annual Report; Notice To Policy Owners.