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Subd. 1a.[Repealed, 1993 c 375 art 2 s 36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.
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
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.
The license issued by the commissioner is perpetual and is
considered renewed annually on June 1 upon payment of the renewal license fee, the annual filing
fee, and all other fees required by section
Subd. 6. Company or agent cannot continue business unless statement is filed.
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
History: 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; 2005 c 118 s 10