Minnesota Administrative Rules

2770.6200 DEFINITIONS.

Subpart 1.

Scope.

For the purpose of parts 2770.6100 to 2770.7300 the terms defined in this part have the meanings given them.

Subp. 2.

Applicant.

"Applicant" means a person or entity applying to the commissioner for authorization to self-insure under the no-fault act.

Subp. 3.

Certified financial statement.

"Certified financial statement" means a statement of the operating results and financial position of an applicant, authorized self-insurer, or parent company. A statement includes a balance sheet, income statement, statement of changes in financial position, or the equivalent in the case of nonprofit organizations and political subdivisions, and associated notes. A statement must include the professional opinion of an independent certified public accountant. A parent company's certified financial statement must be a consolidated statement combining the operating results and financial position of the parent company and its subsidiaries.

Subp. 4.

Commissioner.

"Commissioner" means the commissioner of the Department of Commerce.

Subp. 5.

Licensed vendor of risk management services.

"Licensed vendor of risk management services" means an entity authorized under Minnesota Statutes, section 60A.23, subdivision 8, to contract with self-insurers for the purpose of administering self-insurance programs.

Subp. 6.

No-fault act.

"No-fault act" means the automobile insurance system defined in Minnesota Statutes, sections 65B.41 to 65B.71.

Subp. 7.

Parent company.

"Parent company" means a company or organization that directly, or indirectly through one or more intermediaries, controls an applicant or authorized self-insurer, and that is not also controlled by another company or organization.

Subp. 8.

Political subdivision.

"Political subdivision" means a statutory or home rule charter city or county, the state of Minnesota, or any instrumentality of a statutory or home rule charter city or county or the state of Minnesota.

Subp. 9.

Subsidiary.

"Subsidiary" means a company or organization that is directly, or indirectly through one or more intermediaries, controlled by a parent company.

Statutory Authority:

MS s 65B.48

History:

9 SR 734; 9 SR 764; L 1995 c 233 art 3 s 2; L 1995 c 248 art 3 s 2

Published Electronically:

September 14, 2007