Subdivision 1. Functions. The Minnesota Life and Health Insurance Guaranty Association shall perform its functions under the plan of operation established and approved under section 61B.25, and shall exercise its powers through a board of directors. The association is not a state agency for purposes of chapter 16A, 16B, 16C, or 43A. For purposes of administration and assessment, the association shall establish and maintain two accounts:
(1) the life insurance and annuity account which includes the following subaccounts:
(i) the life insurance account;
(ii) the annuity account; and
(iii) the unallocated annuity account; and
(2) the health account.
Subd. 2. Supervision by commissioner of commerce. The association is under the immediate supervision of the commissioner and is subject to the applicable provisions of the insurance laws of this state.
1993 c 319 s 6; 1997 c 187 art 3 s 15; 1998 c 386 art 2 s 23; 2020 c 80 art 2 s 9
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 61B — Life And Health Guaranty Association
Section 61B.19 — Purpose; Scope; Limitation Of Coverage; Limitation Of Benefits; Construction.
Section 61B.21 — Minnesota Life And Health Insurance Guaranty Association.
Section 61B.22 — Board Of Directors.
Section 61B.23 — Powers And Duties Of Association.
Section 61B.25 — Plan Of Operation.
Section 61B.26 — Duties And Powers Of Commissioner.
Section 61B.27 — Prevention Of Insolvencies.
Section 61B.28 — Miscellaneous Provisions.
Section 61B.29 — Examination; Annual Report.
Section 61B.30 — Tax Exemptions.
Section 61B.31 — Indemnification.
Section 61B.32 — Stay Of Proceedings; Reopening Default Judgments.