2007 Minnesota Statutes

60A.035 GOVERNMENT CONTROLLED OR OWNED COMPANY PROHIBITED
FROM TRANSACTING BUSINESS.
(a) No insurance company the voting control or ownership of which is held in whole or
substantial part by any government or governmental agency or entity having a tax exemption
under section 501(c)(27)(B) or 115 of the Internal Revenue Code of 1986 or which is operated
for or by any such government or agency or entity having a tax exemption under section
501(c)(27)(B) or 115 of the Internal Revenue Code of 1986 is authorized to transact insurance in
this state. Membership in a mutual company, subscribership in a reciprocal insurer, ownership
of stock of an insurer by the alien property custodian or similar official of the United States, or
supervision of an insurer by public insurance supervisory authority is not considered to be an
ownership, control, or operation of the insurer for the purposes of this section.
(b) This section does not apply to an insurance company if its sole insurance business in this
state is providing workers' compensation insurance and associated employers' liability coverage
to an employer principally located in the insurer's state of domicile whose employee may receive
benefits under section 176.041, subdivision 4, provided the operations of the employer are for
fewer than 30 consecutive days in this state and provided the employer has no other significant
contacts with this state.
(c) This section does not apply to a fund established under section 16B.85, subdivision 2.
History: 1Sp2003 c 1 art 4 s 1