Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
61A.40 QUALIFICATIONS FOR LICENSE; NUMBER OF MEMBERS.
No corporation not now authorized to transact business in this state shall be licensed to
transact the business of life or casualty insurance, or both, upon the cooperative or assessment
plan, until at least 300 persons eligible to membership have made individual applications, in
writing, containing warranties of age, health, and other required conditions of membership,
and the corporation has on deposit with the commissioner, as security for all its policyholders,
stocks or bonds of this state or of the United States, or bonds of any of the municipalities of this
state, or personal obligations secured by first mortgage on real estate within this state, worth,
exclusive of buildings, the amount of the lien, and bearing interest of not less than three percent
per annum, to an amount the actual market value of which, exclusive of interest, shall never be
less than $100,000; provided, that any corporation which has heretofore procured and filed with
the commissioner a part of the total number of applications required by law shall only be required
to deposit securities of the market value of $5,000; and provided, that a corporation that confines
its membership exclusively to the members of volunteer fire departments shall be required to have
not less than 100 individual applications, in writing, from persons eligible to membership and the
sum of at least $1,000, which amount shall be liable only for death or indemnity claims made
under its policy or membership certificate contracts.
History: 1967 c 395 art 2 s 40; 1978 c 465 s 10
No corporation not now authorized to transact business in this state shall be licensed to
transact the business of life or casualty insurance, or both, upon the cooperative or assessment
plan, until at least 300 persons eligible to membership have made individual applications, in
writing, containing warranties of age, health, and other required conditions of membership,
and the corporation has on deposit with the commissioner, as security for all its policyholders,
stocks or bonds of this state or of the United States, or bonds of any of the municipalities of this
state, or personal obligations secured by first mortgage on real estate within this state, worth,
exclusive of buildings, the amount of the lien, and bearing interest of not less than three percent
per annum, to an amount the actual market value of which, exclusive of interest, shall never be
less than $100,000; provided, that any corporation which has heretofore procured and filed with
the commissioner a part of the total number of applications required by law shall only be required
to deposit securities of the market value of $5,000; and provided, that a corporation that confines
its membership exclusively to the members of volunteer fire departments shall be required to have
not less than 100 individual applications, in writing, from persons eligible to membership and the
sum of at least $1,000, which amount shall be liable only for death or indemnity claims made
under its policy or membership certificate contracts.
History: 1967 c 395 art 2 s 40; 1978 c 465 s 10
Official Publication of the State of Minnesota
Revisor of Statutes