The commissioner may, after notice and hearing, issue rules the commissioner deems
appropriate for the supervision of sections
. The commissioner shall promulgate
rules to establish rates for credit involuntary unemployment insurance prior to its issuance, and
to enact the other provisions of Laws 1993, chapter 343, and the commissioner shall report by
February 15, 1994, to the house of representatives Committee on Financial Institutions and
Insurance and to the senate Commerce and Consumer Protection Committee on the rules or
status of the rulemaking, including the expected loss ratio. The commissioner is not obligated
to promulgate a rule unless and until four or more insurers who plan to write credit involuntary
unemployment insurance in Minnesota agree to pay for the cost of the promulgation of any rules
authorized by this section. Companies selling credit involuntary unemployment insurance shall
be assessed by the department to pay the costs of rulemaking.
Moneys collected pursuant to this provision must be deposited in the state treasury and
credited to a special account and are appropriated to the commissioner for the rulemaking
purposes authorized by this section.
For the purposes of chapter 62B, any insurer authorized to offer the coverage specified by
60A.06, subdivision 1
, clause (1) or (4), shall be authorized to sell credit involuntary
unemployment insurance pursuant to this chapter.
History: Ex1967 c 2 s 12; 1985 c 248 s 70; 1986 c 444; 1993 c 343 s 25; 1994 c 425 s 11