2006 Minnesota Statutes

60A.59 FOREIGN HEALTH ORGANIZATIONS.
    Subdivision 1. RBC report. (a) A foreign health organization shall, upon the written request
of the commissioner, submit to the commissioner an RBC report as of the end of the calendar
year just ended the later of:
(1) the date an RBC report would be required to be filed by a domestic health organization
under sections 60A.50 to 60A.592; or
(2) 15 days after the request is received by the foreign health organization.
(b) A foreign health organization shall, at the written request of the commissioner, promptly
submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner
of any other state.
    Subd. 2. RBC plan. In the event of a company action level event, regulatory action level
event, or authorized control level event with respect to a foreign health organization as determined
under the RBC statute applicable in the state of domicile of the health organization or, if no RBC
statute is in force in that state, under sections 60A.50 to 60A.592, if the insurance commissioner
of the state of domicile of the foreign health organization fails to require the foreign health
organization to file an RBC plan in the manner specified under that state's RBC statute or, if no
RBC statute is in force in that state, under section 60A.52, the commissioner may require the
foreign health organization to file an RBC plan with the commissioner. In such event, the failure
of the foreign health organization to file an RBC plan with the commissioner shall be grounds to
order the health organization to cease and desist from writing new insurance business in this state.
This section does not limit the commissioner's authority to require a foreign insurer to file a copy
of the risk-based capital plan submitted to the commissioner in the state of domicile.
    Subd. 3. Liquidation of property. In the event of a mandatory control level event with
respect to a foreign health organization, if no domiciliary receiver has been appointed with respect
to the foreign health organization under the rehabilitation and liquidation statute applicable in
the state of domicile of the foreign health organization, the commissioner may make application
to the district court permitted under chapter 60B with respect to the liquidation of property of
foreign health organizations found in this state, and the occurrence of the mandatory control level
event shall be considered adequate grounds for the application.
History: 2004 c 285 art 1 s 10