Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
59A.02 DEFINITIONS.
Subdivision 1. Scope. For the purposes of sections 59A.01 to 59A.15, the words, terms and
phrases defined in this section have the meanings ascribed to them except where the context
clearly indicates a different meaning.
Subd. 2. Insurance premium finance agreement. "Insurance premium finance agreement"
means an agreement by which an insured or prospective insured promises to pay to a premium
finance company or to its assignee the amount advanced or to be advanced under the agreement
to an insurer or to an insurance agent or broker in payment of premiums on an insurance policy
together with a service charge. Any agreement to finance premiums is a premium finance
agreement if an insurance policy, other than a life or disability insurance policy, is made the
security or collateral for the repayment of the debt incurred under the agreement. Provided,
however, an agreement to finance premiums for insurance which is included in a retail installment
transaction or purchased in connection with a real estate transaction, mortgage, deed of trust or
other security agreement is not a premium finance agreement. Provided further, that an agreement
by an insurance company to finance policies written by itself or by companies other than itself or
its parent company, its subsidiaries or companies with which it shares a common parent company
is not a premium finance agreement.
Subd. 3. Licensee. "Licensee" means a person licensed by the commissioner to engage in
the business of insurance premium financing. The term does not include a person in the business
of insurance premium financing exclusively financing premiums for business, agricultural, or
corporate purposes.
Subd. 4. Commissioner. "Commissioner" means the commissioner of commerce.
History: 1974 c 353 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1993 c 257 s 43
Subdivision 1. Scope. For the purposes of sections 59A.01 to 59A.15, the words, terms and
phrases defined in this section have the meanings ascribed to them except where the context
clearly indicates a different meaning.
Subd. 2. Insurance premium finance agreement. "Insurance premium finance agreement"
means an agreement by which an insured or prospective insured promises to pay to a premium
finance company or to its assignee the amount advanced or to be advanced under the agreement
to an insurer or to an insurance agent or broker in payment of premiums on an insurance policy
together with a service charge. Any agreement to finance premiums is a premium finance
agreement if an insurance policy, other than a life or disability insurance policy, is made the
security or collateral for the repayment of the debt incurred under the agreement. Provided,
however, an agreement to finance premiums for insurance which is included in a retail installment
transaction or purchased in connection with a real estate transaction, mortgage, deed of trust or
other security agreement is not a premium finance agreement. Provided further, that an agreement
by an insurance company to finance policies written by itself or by companies other than itself or
its parent company, its subsidiaries or companies with which it shares a common parent company
is not a premium finance agreement.
Subd. 3. Licensee. "Licensee" means a person licensed by the commissioner to engage in
the business of insurance premium financing. The term does not include a person in the business
of insurance premium financing exclusively financing premiums for business, agricultural, or
corporate purposes.
Subd. 4. Commissioner. "Commissioner" means the commissioner of commerce.
History: 1974 c 353 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1993 c 257 s 43
Official Publication of the State of Minnesota
Revisor of Statutes