HF 1066

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to insurance; township mutual insurance 
  1.3             companies; regulating the territories of operation; 
  1.4             amending Minnesota Statutes 1998, section 67A.01. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1998, section 67A.01, is 
  1.7   amended to read: 
  1.8      67A.01 [NUMBER OF MEMBERS REQUIRED, PROPERTY AND 
  1.9   TERRITORY.] 
  1.10     (a) It shall be lawful for any number of persons, not less 
  1.11  than 25, residing in adjoining townships in this state, who 
  1.12  shall collectively own property worth at least $50,000, to form 
  1.13  themselves into a corporation for mutual insurance against loss 
  1.14  or damage by the perils listed in section 67A.13. 
  1.15     Any such (b) Except as otherwise provided in this section, 
  1.16  the company shall operate in no more than 150 adjoining 
  1.17  townships in the aggregate at the same time; provided, that when 
  1.18  any such.  The company may, if approval has been granted by the 
  1.19  commissioner, operate in more than 150 adjoining townships in 
  1.20  the aggregate at the same time, subject to a maximum of 300 
  1.21  townships.  If the company confines its operations to one county 
  1.22  it may transact business in the whole thereof that county by so 
  1.23  providing in its certificate of incorporation, and provided 
  1.24  further that.  In case of merger of two or more companies having 
  1.25  contiguous territories, the surviving company in the 
  2.1   merger shall have the right to may transact business in the 
  2.2   entire territory of the merged companies, but the territory of 
  2.3   the surviving company in the merger shall must not be larger 
  2.4   than 250 300 townships.