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79.371 Funds for the state fund mutual insurance company.

Subdivision 1. Association obligation. The reinsurance association shall, no later than July 1, 1993, make funds available to the state fund mutual insurance company in the amount of $20,000,000 according to terms and conditions approved by the commissioner. The obligation to make these funds available supersedes any inconsistent requirements of this chapter, the bylaws or plan of operation of the association, or duty or obligation imposed upon the board.

Subd. 2. Personal liability; excluded. The members of the board and officers or employees of the association are not liable personally, either jointly or severally, for the obligation created by this section.

Subd. 3. State and special compensation fund obligation. The obligation of the state fund mutual to the state of Minnesota pursuant to section 176A.11 and any obligations to the special compensation fund for claims incurred prior to the effective date of the obligation created pursuant to section 79.371 shall be subordinate to that obligation. In the event of the insolvency of the state fund mutual the obligation to the workers' compensation reinsurance association created pursuant to section 79.371 shall be satisfied in full before any payments are made to satisfy the obligations to the state or the special compensation fund.

HIST: 1993 c 228 s 1

* NOTE: This section, as added by Laws 1993, chapter 288, *section 1, is repealed effective March 1, 2009. Laws 1993, *chapter 228, section 4.

Official Publication of the State of Minnesota
Revisor of Statutes