SF 1298

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to insurance; prohibiting certain insurers 
  1.3             from transacting business in the state; proposing 
  1.4             coding for new law in Minnesota Statutes, chapter 60A. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [60A.035] [GOVERNMENT CONTROLLED OR OWNED 
  1.7   COMPANY PROHIBITED FROM TRANSACTING BUSINESS.] 
  1.8      No insurance company the voting control or ownership of 
  1.9   which is held in whole or substantial part by any government or 
  1.10  governmental agency or entity having a tax exemption under 
  1.11  section 501(c)(27)(B) or 515 of the Internal Revenue Code of 
  1.12  1986 or which is operated for or by any such government or 
  1.13  agency or entity having a tax exemption under section 
  1.14  501(c)(27)(B) or 515 of the Internal Revenue Code of 1986 is 
  1.15  authorized to transact insurance in this state.  Membership in a 
  1.16  mutual company, or subscribership in a reciprocal insurer, or 
  1.17  ownership of stock of an insurer by the alien property custodian 
  1.18  or similar official of the United States, or supervision of an 
  1.19  insurer by public insurance supervisory authority is not 
  1.20  considered to be an ownership, control, or operation of the 
  1.21  insurer for the purposes of this section.