Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
- Search Minnesota Statutes
- About Minnesota Statutes
- 2007 Statutes New, Amended or Repealed
- 2007 Table of Chapters
- 2007 Statutes Topics (Index)
Chapter 62F
Section 62F.09
Topics
Recent History
- 2017 62F.09 Repealed 2017 c 34 s 14
This is an historical version of this statute chapter. Also view the most recent published version.
62F.09 STABILIZATION RESERVE FUND.
Subdivision 1. Creation. There is created a stabilization reserve fund administered by the
association or its designee.
Subd. 2. Policyholder charge. Each policyholder shall pay to the association a stabilization
reserve fund charge of 33 percent of each premium payment due for insurance through the
association. This charge shall be separately stated in the policy. The association shall cancel the
policy of any policyholder who fails to pay the stabilization reserve fund charge.
Subd. 3. Association payments. The association shall promptly pay into the stabilization
reserve fund charges which it collects from its policyholders and any retrospective premium
refunds payable under the group retrospective rating plan.
Subd. 4. Handling of fund assets. All money paid into the fund shall be held in trust by
a corporate trustee selected by the directors. The corporate trustee may invest the money held
in trust, subject to the approval of the association. All gains or losses from the investment of
stabilization reserve fund money shall be credited to the fund. All expenses of administration
of the fund shall be charged against the fund. Stabilization reserve fund money shall be used
solely for the purpose of discharging when due any retrospective premium charges payable
by policyholders of the association under the group retrospective rating plan. Payment of
retrospective premium charges shall be made upon certification by the association of the amount
due. If all moneys accruing to the fund are exhausted in payment of retrospective premium
charges, all liability and obligations of the association's policyholders with respect to the payment
of retrospective premium charges shall terminate and shall be conclusively presumed to have been
discharged. Any money remaining in the fund after all retrospective premium charges have been
paid shall be returned to policyholders under procedures authorized by the association.
History: 1976 c 242 s 10; 1986 c 313 s 6
Subdivision 1. Creation. There is created a stabilization reserve fund administered by the
association or its designee.
Subd. 2. Policyholder charge. Each policyholder shall pay to the association a stabilization
reserve fund charge of 33 percent of each premium payment due for insurance through the
association. This charge shall be separately stated in the policy. The association shall cancel the
policy of any policyholder who fails to pay the stabilization reserve fund charge.
Subd. 3. Association payments. The association shall promptly pay into the stabilization
reserve fund charges which it collects from its policyholders and any retrospective premium
refunds payable under the group retrospective rating plan.
Subd. 4. Handling of fund assets. All money paid into the fund shall be held in trust by
a corporate trustee selected by the directors. The corporate trustee may invest the money held
in trust, subject to the approval of the association. All gains or losses from the investment of
stabilization reserve fund money shall be credited to the fund. All expenses of administration
of the fund shall be charged against the fund. Stabilization reserve fund money shall be used
solely for the purpose of discharging when due any retrospective premium charges payable
by policyholders of the association under the group retrospective rating plan. Payment of
retrospective premium charges shall be made upon certification by the association of the amount
due. If all moneys accruing to the fund are exhausted in payment of retrospective premium
charges, all liability and obligations of the association's policyholders with respect to the payment
of retrospective premium charges shall terminate and shall be conclusively presumed to have been
discharged. Any money remaining in the fund after all retrospective premium charges have been
paid shall be returned to policyholders under procedures authorized by the association.
History: 1976 c 242 s 10; 1986 c 313 s 6
Official Publication of the State of Minnesota
Revisor of Statutes