2007 Minnesota Statutes

61B.26 DUTIES AND POWERS OF COMMISSIONER.
(a) In addition to other duties and powers in sections 61B.18 to 61B.32, the commissioner
shall:
(1) notify the board of directors of the existence of an impaired or insolvent insurer within
three days after a determination of impairment or insolvency is made or the commissioner
receives notice of impairment or insolvency;
(2) upon request of the board of directors, provide the association with a statement of the
premiums in this and any other appropriate states for each member insurer;
(3) when an impairment is declared and the amount of the impairment is determined, serve a
demand upon the impaired insurer to make good the impairment within a reasonable time; notice
to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the insurer
to promptly comply with the commissioner's demand shall not excuse the association from the
performance of its powers and duties under sections 61B.18 to 61B.32; and
(4) in a liquidation, conservation, or rehabilitation proceeding involving a domestic insurer,
be appointed as the liquidator, conservator, or rehabilitator.
(b) The commissioner may suspend or revoke, after notice and hearing, the certificate of
authority to transact insurance in this state of any member insurer which fails to pay an assessment
when due or fails to comply with the plan of operation. As an alternative, the commissioner may
levy a forfeiture on any member insurer which fails to pay an assessment when due. A forfeiture
shall not exceed five percent of the unpaid assessment per month, but no forfeiture shall be
less than $100 per month.
(c) A final action of the board of directors or the association may be appealed to the
commissioner if the appeal is taken within 60 days of the aggrieved party's receipt of notice
of the final action being appealed. Any final action or order of the commissioner is subject to
judicial review in a court of competent jurisdiction, in the manner provided by chapter 14. A
determination or decision by the commissioner under sections 61B.18 to 61B.32 is not subject
to the contested case or rulemaking provisions of chapter 14.
(d) The liquidator, rehabilitator, or conservator of an impaired insurer may notify all
interested persons of the effect of sections 61B.18 to 61B.32.
(e) For the purposes of sections 61B.18 to 61B.32, the commissioner may delegate any of the
powers conferred by law.
(f) Nonperformance of any of the acts specified in this section or failure to meet the specific
time limits does not affect the association, its members, or any other person as to the person's
duties and obligations.
History: 1993 c 319 s 11; 2001 c 142 s 30