2007 Minnesota Statutes

60D.19 REGISTRATION OF INSURERS.
    Subdivision 1. Registration. Every insurer that is authorized to do business in this state and
that is a member of an insurance holding company system shall register with the commissioner,
except a foreign insurer subject to registration requirements and standards adopted by statute or
regulation in the jurisdiction of its domicile that are substantially similar to those contained in:
(1) this section;
(2) section 60D.20, subdivisions 1, paragraph (a); 2; and 4; and
(3) either section 60D.20, subdivision 1, paragraph (b), or a provision such as the following:
Each registered insurer shall keep current the information required to be disclosed in its
registration statement by reporting all material changes or additions within 15 days after the end
of the month in which it learns of each such change or addition.
Any insurer that is subject to registration under this section shall register within 15 days after
it becomes subject to registration, and annually thereafter by June 1 of each year for the previous
calendar year, unless the commissioner for good cause shown extends the time for registration,
and then within such extended time. The commissioner may require any insurer authorized to
do business in the state that is a member of a holding company system, and that is not subject
to registration under this section, to furnish a copy of the registration statement, the summary
specified in subdivision 3 or other information filed by the insurance company with the insurance
regulatory authority of domiciliary jurisdiction.
    Subd. 2. Information and form required. Every insurer subject to registration shall
file the registration statement on a form prescribed by the National Association of Insurance
Commissioners, which shall contain the following current information:
(1) the capital structure, general financial condition, ownership, and management of the
insurer and any person controlling the insurer;
(2) the identity and relationship of every member of the insurance holding company system;
(3) the following agreements in force, and transactions currently outstanding or that have
occurred during the last calendar year between the insurer and its affiliates:
(i) loans, other investments, or purchases, sales, or exchanges of securities of the affiliates by
the insurer or of the insurer by its affiliates;
(ii) purchases, sales, or exchange of assets;
(iii) transactions not in the ordinary course of business;
(iv) guarantees or undertakings for the benefit of an affiliate which result in an actual
contingent exposure of the insurer's assets to liability, other than insurance contracts entered into
in the ordinary course of the insurer's business;
(v) all management agreements, service contracts, and all cost-sharing arrangements;
(vi) reinsurance agreements;
(vii) dividends and other distributions to shareholders; and
(viii) consolidated tax allocation agreements;
(4) any pledge of the insurer's stock, including stock of any subsidiary or controlling affiliate,
for a loan made to any member of the insurance holding company system; and
(5) other matters concerning transactions between registered insurers and any affiliates
as may be included from time to time in any registration forms adopted or approved by the
commissioner.
    Subd. 3. Summary of registration statement. All registration statements must contain a
summary outlining all items in the current registration statement representing changes from the
prior registration statement.
    Subd. 4. Materiality. No information need be disclosed on the registration statement filed
pursuant to subdivision 2 if the information is not material for the purposes of this section. Unless
the commissioner by rule or order provides otherwise; sales, purchases, exchanges, loans or
extensions of credit, investments, or guarantees involving one-half of one percent or less of an
insurer's admitted assets as of the 31st day of December next preceding shall not be deemed
material for purposes of this section.
    Subd. 5.[Repealed, 1994 c 425 s 18]
    Subd. 6. Information of insurers. Any person within an insurance holding company system
subject to registration shall be required to provide complete and accurate information to an
insurer where such information is reasonably necessary to enable the insurer to comply with the
provisions of this chapter.
    Subd. 7. Termination of registration. The commissioner shall terminate the registration of
any insurer which demonstrates that it no longer is a member of an insurance holding company
system.
    Subd. 8. Consolidated filing. The commissioner may require or allow two or more affiliated
insurers subject to registration to file a consolidated registration statement.
    Subd. 9. Alternative registration. The commissioner may allow an insurer that is authorized
to do business in this state and that is part of an insurance holding company system to register
on behalf of any affiliated insurer that is required to register under subdivision 1 and to file all
information and material required to be filed under this section.
    Subd. 10. Exemptions. The provisions of this section do not apply to any insurer,
information, or transaction if and to the extent that the commissioner by rule or order shall exempt
the same from the provisions of this section.
    Subd. 11. Disclaimer. Any person may file with the commissioner a disclaimer of affiliation
with any authorized insurer or the disclaimer may be filed by the insurer or any member of an
insurance holding company system. The disclaimer shall fully disclose all material relationships
and bases for affiliation between the person and the insurer as well as the basis for disclaiming the
affiliation. After a disclaimer has been filed, the insurer shall be relieved of any duty to register or
report under this section that may arise out of the insurer's relationship with the person unless and
until the commissioner disallows the disclaimer. The commissioner shall disallow the disclaimer
only after furnishing all parties in interest with notice and opportunity to be heard and after
making specific findings of fact to support the disallowance.
    Subd. 12. Violations. The failure to file a registration statement or any summary of the
registration statement required by this section within the time specified for the filing is a violation
of this section.
History: 1991 c 325 art 14 s 6; 2006 c 204 s 6