If, at any time after the special reserve fund shall have been accumulated by any company, the directors of the company shall present evidence satisfactory to the commissioner that the capital of the company has become impaired, the commissioner shall order the directors to call upon the stockholders to make up this impairment, and the board of directors may thereupon require the necessary payment by the stockholders to make good the whole of the impairment, or they may apply for that purpose the whole or any part of the special reserve fund and require of the stockholders payment of such amount as may be necessary to make up the balance of the impairment not made up out of the special reserve fund. The stock of every stockholder shall be pledged and liable for the amount assessed to make up the impairment, either in whole or in part, and in case any stockholder refuses to pay the assessment, the stock standing in that person's name may be sold at public auction, after 30 days' notice, in such manner as the directors may provide. If the board of directors elect to make good the impairment, or any part thereof, out of the special reserve fund, the commissioner shall, upon request of the board, transfer to the company so much of the special reserve fund as is necessary for the purpose. No company doing business under sections 65A.16 to 65A.24 shall insure any larger amount upon any single risk than is permitted by law to a company possessing the same amount of capital, irrespective of the fund provided for in sections 65A.16 to 65A.24.
1967 c 395 art 6 s 24; 1986 c 444; 1997 c 7 art 1 s 19
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 65A — Fire And Related Insurance
Section 65A.01 — Minnesota Standard Fire Insurance Policy.
Section 65A.02 — Joint Policy.
Section 65A.03 — Binders, Temporary Insurance.
Section 65A.04 — Effect On Section 65a.08.
Section 65A.05 — Nuclear Reaction, Radiation Or Radioactive Contamination; Endorsement.
Section 65A.06 — Motor Vehicle, Ocean And Inland Marine Policies.
Section 65A.061 — Creditors Limited To Existing Insurance.
Section 65A.07 — Cancellation Of Fire Policy.
Section 65A.08 — Special Provisions.
Section 65A.09 — Insurance In Excess Of Replacement Cost.
Section 65A.11 — Payment To Mortgagee.
Section 65A.12 — Waiver Of Right To Appraisal.
Section 65A.13 — Liability Of Company.
Section 65A.14 — Person Who Procures An Application Agent Of Issuing Company.
Section 65A.16 — Guaranty Surplus And Special Reserve Fund.
Section 65A.17 — Action Of Stockholders Filed With Commissioner.
Section 65A.18 — Dividends Declared Out Of Surplus Profits.
Section 65A.20 — Items Considered In Estimating Profit.
Section 65A.21 — Investment Of Guaranty Surplus.
Section 65A.22 — Investment Of Special Reserve Fund.
Section 65A.23 — When Claims Exceed Guaranty Surplus And Capital Stock.
Section 65A.24 — Stockholders To Make Up Impairment.
Section 65A.26 — Hail Insurance, Policies, Loss Adjustment.
Section 65A.28 — Disclosure And Filing Requirements.
Section 65A.285 — Surcharge Prohibition.
Section 65A.29 — Cancellation; Nonrenewal; Refusal To Write.
Section 65A.295 — Homeowner's Insurance Coverage.
Section 65A.296 — Proof Of Loss.
Section 65A.30 — Day Care Services; Coverage.
Section 65A.301 — Adult Foster Care Services; Coverage.
Section 65A.302 — Flood Insurance Coverage; Disclosure Of Noncoverage.
Section 65A.31 — Minnesota Fair Plan Act.
Section 65A.34 — Plan Coverage.
Section 65A.35 — Administration.
Section 65A.36 — Underwriting.
Section 65A.37 — Policy Forms.
Section 65A.38 — Policy Cancellation.
Section 65A.40 — Education Programs.
Section 65A.42 — Immunity From Liability.
Section 65A.45 — Residential Renter's Insurance Policy.
Section 65A.50 — Trust Or Escrow Accounts; Insured Real Property Fire Or Explosion Loss Proceeds.