2006 Minnesota Statutes

60L.14 COMMISSIONER'S ORDERS.
    Subdivision 1. Necessary changes. If the commissioner determines that an insurer's
investment practices do not meet the requirements of sections 60L.01 to 60L.15, the commissioner
may, after notification to the insurer of the commissioner's findings, order the insurer to make
changes necessary to comply with the requirements of sections 60L.01 to 60L.15.
    Subd. 2. Additional restrictions. If the commissioner determines that by reason of the
financial condition, current investment practice, or current investment plan of an insurer, the
interests of insureds, creditors, or the general public are or may be endangered, the commissioner
may impose reasonable additional restrictions upon the admissibility or valuation of investments
or may impose restrictions on the investment practices of an insurer, including prohibition,
divestment, or requiring investments by insurers to be governed by section 60A.11 in the case of
insurers other than life insurers, and sections 61A.28; 61A.282, subdivision 2; 61A.283; 61A.29;
61A.31; and 61A.315 in the case of life insurers.
    Subd. 3. Additional assets. The commissioner may count toward satisfaction of the
minimum asset requirement any assets in which an insurer is required to invest under the laws
of a country other than the United States as a condition for doing business in that country if the
commissioner finds that counting them does not endanger the interests of insureds, creditors,
or the general public.
    Subd. 4. Adjustments. If the commissioner is satisfied by evidence of the solidity of an
insurer and the competence of management and its investment advisors, the commissioner, after a
hearing, may by order adjust the class limitations under section 60L.08, for that insurer, to the
extent that the commissioner is satisfied that the interests of insureds, creditors, and the public are
sufficiently protected in other ways. Adjustments to the class limitations granted under section
60L.08, in aggregate, are limited to an amount equal to ten percent of the insurer's liabilities.
History: 1998 c 319 s 14