2002 Minnesota Statutes

     60A.13 Annual statement, inquiries, renewal licenses. 

    Subdivision 1.    Annual statements required.  Every 
 insurance company, including fraternal benefit societies, and 
 reciprocal exchanges, doing business in this state, shall file 
 with the commissioner, annually, on or before March 1, the 
 appropriate verified National Association of Insurance 
 Commissioners' annual statement blank, prepared in accordance 
 with the association's instructions handbook and following those 
 accounting procedures and practices prescribed by the 
 association's accounting practices and procedures manual, unless 
 the commissioner requires or finds another method of valuation 
 reasonable under the circumstances.  Another method of valuation 
 permitted by the commissioner must be at least as conservative 
 as those prescribed in the association's manual.  All companies 
 required to file an annual statement under this subdivision may 
 also be required to file with the commissioner and the National 
 Association of Insurance Commissioners a copy of their annual 
 statement in an electronic form prescribed by the commissioner.  
 All Minnesota domestic insurers required to file annual 
 statements under this subdivision must also file quarterly 
 statements with the commissioner for the first, second, and 
 third calendar quarter on or before 45 days after the end of the 
 applicable quarter, prepared in accordance with the 
 association's instruction handbook.  All companies required to 
 file quarterly statements under this subdivision may also be 
 required to file the quarterly statements with the commissioner 
 and the National Association of Insurance Commissioners in an 
 electronic form prescribed by the commissioner.  In addition, 
 the commissioner may require the filing of any other information 
 determined to be reasonably necessary for the continual 
 enforcement of these laws.  The statement may be limited to the 
 insurer's business and condition in the United States unless the 
 commissioner finds that the business conducted outside the 
 United States may detrimentally affect the interests of 
 policyholders in this state.  The statements shall also contain 
 a verified schedule showing all details required by law for 
 assessment and taxation.  The statement or schedules shall be in 
 the form and shall contain all matters the commissioner may 
 prescribe, and it may be varied as to different types of 
 insurers so as to elicit a true exhibit of the condition of each 
 insurer. 

    Subd. 1a. Repealed, 1993 c 375 art 2 s 36 

    Subd. 2.    Commissioner may inquire and require reply 
 under oath.  The commissioner may also address to any 
 insurer, including fraternal benefit societies, township mutuals 
 and interinsurance exchanges, or its officers, any inquiry in 
 relation to its transactions or conditions, or any matter 
 connected therewith.  Every insurer, or person so addressed, 
 shall reply in writing to such inquiry promptly and truthfully, 
 and such reply shall be verified, if required by the 
 commissioner, by such individual or by such officer or officers 
 of an insurer as the commissioner shall designate. 

    Subd. 3.  Repealed, 1978 c 793 s 98 

    Subd. 3a. Repealed, 1993 c 299 s 33 

    Subd. 4.  Repealed, 1978 c 793 s 98 

    Subd. 4a.    Rules.  The commissioner shall promulgate 
 any rules which may be necessary to administer subdivision 3a.  

    Subd. 5.    Renewal license based on approved statement.  
  Upon the approval of the statement the commissioner shall 
 issue a renewal license for the succeeding year beginning June 
 first.  Any license to a company or its agent, issued after the 
 approval of the statement, shall expire May 31 of the year 
 following. 

    Subd. 6.    Company or agent cannot continue business 
 unless statement is filed.  No company shall transact any new 
 business in this state after May 31 in any year unless it shall 
 have previously transmitted its annual statement to the 
 commissioner and filed a copy of its statement with the National 
 Association of Insurance Commissioners.  The commissioner may by 
 order annually require that each insurer pay the required fee to 
 the National Association of Insurance Commissioners for the 
 filing of annual statements, but the fee shall not be more than 
 50 percent greater than the fee set by the National Association 
 of Insurance Commissioners.  Failure to file the annual 
 statement with the commissioner or the National Association of 
 Insurance Commissioners is a violation of section 72A.061, 
 subdivision 1.  The fee shall be based on the relative premium 
 volume of each insurer.  

    Subd. 7.    Exceptions.  To file statement.  No 
 fraternal benefit society, nor any social corporation paying 
 only sick benefits not exceeding $250 in any one year, or 
 funeral benefits, or aiding those dependent on a member not more 
 than $350, nor any subordinate lodge or council which is, or 
 whose members are, assessed for benefits which are payable by a 
 grand body, shall be required to make such statements. 

    Subd. 8. Repealed, 1996 c 446 art 2 s 11 

    HIST: 1967 c 395 art 1 s 13; 1978 c 793 s 58; 1981 c 211 s 
 28-31; 1984 c 592 s 7,8; 1985 c 210 art 1 s 1; 1986 c 444; 1986 
 c 455 s 6; 1991 c 199 art 1 s 9; 1991 c 325 art 10 s 7; 1992 c 
 564 art 1 s 18,54; 1993 c 299 s 4,5; 1994 c 425 s 4; 1994 c 426 
 s 7; 1997 c 187 art 3 s 13; 1999 c 177 s 12