2001 Minnesota Statutes

     62C.11 Financial statements and examinations. 

    Subdivision 1.  A service plan corporation shall annually 
 on or before the last day of March, file with the commissioner a 
 financial statement, in such form as the commissioner shall 
 prescribe, verified by not less than two of its principal 
 officers, showing the financial condition of the corporation as 
 of December 31 of the preceding year.  

    Subd. 2.  The commissioner shall examine a service plan 
 corporation to ascertain its financial condition, its ability to 
 fulfill its obligations, and its compliance with Laws 1971, 
 chapter 568, as often as the commissioner deems expedient for 
 protection of the public, but not less than once each three 
 years.  The commissioner shall have access at all reasonable 
 times to all books and records of the corporation, and may 
 summon the officers and employees and examine them under oath as 
 to any matter pertinent to Laws 1971, chapter 568.  

    Subd. 3.  The commissioner shall visit and examine any 
 service plan corporation formed after August 1, 1971 within the 
 first six months after it begins doing business, and thereafter 
 once during each of the next three years.  Thereafter the 
 commissioner shall visit and examine the corporation at least 
 once every three years.  

    Subd. 4.  Any examination or audit conducted by or at the 
 request of the commissioner shall be at the expense of the 
 service plan corporation.  

    Subd. 5.  The commissioner shall notify the governor 
 whenever examinations required by this section have not been 
 made and inform the governor of the reasons therefor.  

    HIST: 1971 c 568 s 11; 1986 c 444; 2000 c 483 s 12