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65A.33 Definitions.

Subdivision 1. As used in sections 65A.31 to 65A.42, unless the context otherwise requires, the terms defined in this section have the following meaning given to them.

Subd. 2. "Insurer" means any insurance company or other organization licensed to write and engaged in writing property or liability insurance business, including the property or liability insurance components of multiperil policies, on a direct basis, in this state, except where such insurer is specifically exempted by statute from participation in this program.

Subd. 3. "Property or liability insurance" means the coverage against direct loss to real or tangible personal property at a fixed location that is provided in the standard fire policy, extended coverage endorsement, homeowners insurance, as defined in section 65A.27, subdivision 4, cooperative housing insurance, condominium unit owners insurance, builders risk, and such vandalism and malicious mischief insurance and such other classes of insurance as may be added to the program with respect to said property by amendment as hereinafter provided. Property or liability insurance does not include automobile, commercial liability, or such manufacturing risks as may be excluded by the commissioner.

Subd. 4. "Minnesota property insurance placement facility," hereinafter referred to as the facility, means the organization formed by insurers to assist applicants in securing property or liability insurance and to administer the FAIR plan.

Subd. 5. "Inspection bureau" means the rating organization designated by the facility, with the approval of the commissioner, to make inspections as required under sections 65A.31 to 65A.42 and to perform such other duties as may be authorized by the facility.

Subd. 6. "Premiums written" means gross direct premiums charged during the second preceding calendar year with respect to property in this state on all policies of property or liability insurance and the property or liability insurance premium components of all multiperil policies, as computed by the facility, less return premiums, dividends paid or credited to policyholders, or the unused or unabsorbed portions of premium deposits.

Subd. 7. "Commissioner" means the commissioner of commerce of the state of Minnesota.

Subd. 8. Repealed, 1993 c 248 s 17

Subd. 9. Board. "Board" means the governing board of directors of the Minnesota property insurance placement facility.

HIST: 1969 c 483 s 3; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 455 s 43; 1989 c 260 s 12; 1993 c 248 s 4-6; 1994 c 465 art 2 s 1; 1999 c 120 s 2,3

Official Publication of the State of Minnesota
Revisor of Statutes