2000 Minnesota Statutes

     62G.13 Financial statements and examinations. 

    Subdivision 1.  A legal service plan corporation shall 
 annually on or before the last day of March, file with the 
 commissioner a financial statement, in the form prescribed by 
 the commissioner, verified by not less than two of the 
 corporation's principal officers, showing the financial 
 condition of the legal service plan corporation as of December 
 31 of the preceding year.  The statement shall include an audit 
 report certified by an independent certified public accountant 
 and reconciled and adjusted to conform to the financial 
 statement. 

    Subd. 2.  The commissioner shall examine a legal service 
 plan corporation to ascertain its financial condition, its 
 ability to fulfill its obligations, and its compliance with 
 sections 62G.01 to 62G.25, when expedient for protection of the 
 public, but not less than once every three years.  The 
 commissioner shall have access at all reasonable times to all 
 books and records of the legal service plan corporation, and may 
 summon the officers and employees and examine them under oath as 
 to any matter pertinent to sections 62G.01 to 62G.25. 

    Subd. 3.  The commissioner shall visit and examine each 
 legal service plan corporation within the first six months after 
 it begins doing business, and thereafter once during each of the 
 next three years.  Thereafter the commissioner shall visit and 
 examine the corporation at least once every three years. 

    Subd. 4.  Any examination or audit conducted by or at the 
 request of the commissioner shall be at the expense of the legal 
 service plan corporation. 

    Subd. 5.  The commissioner shall notify the governor 
 whenever examinations required by this section have not been 
 made and inform the governor of the reasons therefor. 

    HIST: 1978 c 785 s 13; 1986 c 444