Subdivision 1. Annual statements. Any insurance company licensed to do business in this state, including fraternals, reciprocals and township mutuals, which neglects to file its annual statement in the form prescribed and within the time specified by law shall be subject to a penalty of $100 for each day in default. If, at the end of 45 days, the default has not been corrected, the company shall be given ten days in which to show cause to the commissioner why its license should not be suspended. If the company has not made the requisite showing within the ten-day period, the license and authority of the company may, at the discretion of the commissioner, be suspended during the time the company is in default.
Any insurance company, including fraternals, reciprocals, and township mutuals, willfully making a false annual or other required statement shall pay a penalty to the state not to exceed $5,000. Either or both of the monetary penalties imposed by this subdivision may be recovered in a civil action brought by and in the name of the state.
Subd. 2. Articles of incorporation; bylaws. Any insurance company licensed to do business in this state, including fraternals and township mutuals, which neglects to file amended bylaws or related amendments within 30 days after date of approval shall be subject to a penalty of $25 for each day in default.
Any insurance company licensed to do business in this state, including fraternals and township mutuals, which neglects to file amended articles of incorporation or related amendments within 30 days after date of approval shall be subject to a penalty of $25 for each day in default, provided that foreign insurers shall be allowed 60 days in which to file.
If after 90 days the filings required under this subdivision are still in default, the company shall be given ten days in which to show cause why its license should not be suspended.
Subd. 3. Other filings. Any insurance company licensed to do business in this state, including fraternals, reciprocals, and township mutuals, which neglects to comply with any other mandatory filing in the form prescribed and within the time specified by law or as specified on the document shall be subject to a penalty of $25 for each day in default. If after 90 days a default has not been corrected, the company shall be given ten days in which to show cause why its license should not be suspended.
Subd. 4. Suspension, discretionary powers. Any company which writes new business in this state, including fraternals, reciprocals and township mutuals, while its license is suspended and after it has been notified by the commissioner by a notice mailed to the home office of the company that its license has been suspended shall pay to the state the sum of $25 for each contract of insurance entered into by it after being notified of its license suspension. The notification shall be mailed by registered letter and deemed to have been received by the company at its home office in the usual course of the mails.
Subd. 5. Extensions. The commissioner may grant an extension of any filing deadline or requirement specified by this section, on receiving, not less than ten days before the date of default, satisfactory evidence of imminent hardship to the company.
Subd. 6. Penalties; deposit to general fund. All penalties recovered pursuant to this section shall be paid into the general fund.
1977 c 316 s 1; 1984 c 592 s 71; 1986 c 444; 1991 c 325 art 10 s 10
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 72A — Insurance Industry Trade Practices
Section 72A.02 — Violations As To Policies Of Insurance.
Section 72A.03 — Agent Of Insurer; Procuring Premiums By Fraud.
Section 72A.04 — False Statements In Application.
Section 72A.05 — Failure To Make Report Or Comply With Law.
Section 72A.061 — Mandatory Filings; Failure To Comply; Penalties.
Section 72A.07 — Violations Of Laws Relating To Agents, Penalties.
Section 72A.09 — Violations Where Offense Is Not Specifically Designated.
Section 72A.10 — Failure To Appear Or Obstructing Commissioner.
Section 72A.11 — Complainant Entitled To One-half Of Fine In Certain Cases.
Section 72A.12 — Life Insurance.
Section 72A.125 — Rental Vehicle Personal Accident Insurance; Special Requirements.
Section 72A.13 — Accident And Health Insurance, Violations Of Certain Sections.
Section 72A.135 — Failure To Follow Dividend And Pricing Policy; Penalties.
Section 72A.139 — Use Of Genetic Tests.
Section 72A.15 — Penalty For Violation Of Law Providing For Insurance In Unlicensed Companies.
Section 72A.16 — Mutual Companies.
Section 72A.17 — Purpose Of Sections 72a.17 To 72a.32.
Section 72A.19 — Unfair Methods And Unfair Or Deceptive Acts And Practices.
Section 72A.20 — Methods, Acts, And Practices Which Are Defined As Unfair Or Deceptive.
Section 72A.201 — Regulation Of Claims Practices.
Section 72A.2031 — Definitions.
Section 72A.2032 — Duties Of Insurers And Insurance Producers.
Section 72A.2033 — Insurance Producer Training.
Section 72A.2035 — Record Keeping.
Section 72A.2036 — Relationship To Other Laws; Enforcement.
Section 72A.204 — Prohibited Uses Of Senior-specific Certifications And Professional Designations.
Section 72A.207 — Graded Death Benefits.
Section 72A.21 — Power Of Commissioner.
Section 72A.22 — Hearing; Witnesses; Production Of Books.
Section 72A.25 — Unfair Competition.
Section 72A.26 — Intervention.
Section 72A.285 — Claim For Insurance Benefits; Release Of Summary Information.
Section 72A.29 — Concurrent Remedies.
Section 72A.30 — Evidential Privilege Denied; Immunity; Waiver.
Section 72A.31 — Certain Acts Deemed Unfair Method Of Competition.
Section 72A.32 — Violations, Procedure.
Section 72A.325 — Insurance For Funeral Or Burial Expense; Freedom Of Choice.
Section 72A.328 — Affinity Group.
Section 72A.33 — Purpose Of Act, Construction.
Section 72A.35 — Notice To Domiciliary Supervisory Official.
Section 72A.36 — Action By Commissioner.
Section 72A.37 — Service Upon Unauthorized Insurer.
Section 72A.38 — Severability.
Section 72A.41 — Transacting Business Without Certificate Of Authority.
Section 72A.42 — Enforcement Authority.
Section 72A.43 — Service Of Process Upon Unauthorized Company By Commissioner.
Section 72A.491 — Definitions.
Section 72A.493 — Obtaining Information By Improper Means.
Section 72A.495 — Marketing And Research Surveys.
Section 72A.496 — Investigative Consumer Reports.
Section 72A.497 — Access To Personal Information.
Section 72A.498 — Correction, Amendment, Or Deletion Of Personal Information.
Section 72A.499 — Reasons For Adverse Underwriting Decisions.
Section 72A.50 — Previous Adverse Underwriting Decisions.
Section 72A.501 — Disclosure Authorization.
Section 72A.502 — Disclosure Of Information; Limitations And Conditions.
Section 72A.503 — Private Remedies.
Section 72A.504 — Obtaining Information Under Improper Means.