No mutual life company shall be qualified to issue any policy until applications for at least $200,000 of insurance, upon lives of at least 200 separate residents, have been actually and in good faith made, accepted, and entered upon its books and at least one full annual premium thereunder, based upon the authorized table of mortality, received in cash or in absolutely payable and collectible notes. A duplicate receipt for each premium, conditioned for the return thereof unless the policy be issued within one year thereafter, shall be issued, and one copy delivered to the applicant and the other filed with the commissioner, together with the certificate of a solvent authorized bank in the state, of the deposit therein of such cash and notes, aggregating the amount aforesaid, specifying the maker, payee, date, maturity, and amount of each. Such cash and notes shall be held by it not longer than one year, and at or before the expiration thereof to be by it paid or delivered, upon the written order of the commissioner, to such company or applicants, respectively.
1967 c 395 art 1 s 7; 1969 c 7 s 7-13; 1969 c 598 s 1; 1969 c 708 s 63; 1973 c 634 s 2-4; 1976 c 213 s 1-4; 1978 c 465 s 1,2; 1978 c 674 s 60; 1980 c 516 s 2; 1983 c 216 art 1 s 15; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 313 s 2; 1986 c 444; 1991 c 325 art 10 s 4; art 14 s 1; 1992 c 564 art 1 s 15,16,54; 1995 c 214 s 3; 1996 c 446 art 2 s 1,2; 2005 c 69 art 2 s 1-6, 18
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 66A — Mutual Companies
Section 66A.01 — Scope Of Chapter.
Section 66A.02 — Applicability Of Business Corporation Statutes.
Section 66A.03 — Incorporation.
Section 66A.06 — Renewal Of Corporate Existence.
Section 66A.07 — Membership; Meetings; Notices; Voting.
Section 66A.08 — Requirements.
Section 66A.09 — Kinds Of Business Authorized.
Section 66A.10 — Additional Requirements.
Section 66A.11 — Revocation Of License.
Section 66A.12 — Mutual Fire Companies; Premiums; Contingent Liability.
Section 66A.13 — Mutual Fire Companies; Requirements When Note Given.
Section 66A.16 — Guaranty Funds.
Section 66A.17 — Mutual Fire Insurance Companies; Provisions As To Policies Lapsing.
Section 66A.18 — Voting And Notice.
Section 66A.19 — Contingent Liability.
Section 66A.215 — Special Provisions Relating To Hail, Tornado, And Cyclone Companies.
Section 66A.221 — Organization.
Section 66A.23 — Assessments; Notice; Payments; Collection.
Section 66A.24 — Officers; Duties; Compensation; Bonds.
Section 66A.25 — Proxies; Restrictions.
Section 66A.26 — Property Insurable.
Section 66A.27 — Limitation On Expenses.
Section 66A.28 — Reports; Delinquency; Powers Of Commissioner.
Section 66A.29 — Arbitration Required.
Section 66A.30 — Transfer Of Risks And Reinsurance.
Section 66A.31 — Merger And Consolidation.
Section 66A.32 — Prerequisites Of Life Companies.
Section 66A.33 — Temporary Capital Stock Of Mutual Life Companies.
Section 66A.35 — Guaranty Funds.
Section 66A.36 — Stock And Mutual Life Insurance Companies.
Section 66A.38 — Voting Rights.
Section 66A.39 — Conversion Of Existing Companies; Amendment Of Certificates Of Incorporation.
Section 66A.40 — Mutual Insurance Holding Companies.
Section 66A.41 — Mutual Company Conversion To Stock Company.
Section 66A.42 — Domestic Insurance Corporations May Become Mutual Corporations.