1999 Minnesota Statutes

     61A.02 Forms of policy. 

    Subdivision 1.    Prohibited.  So-called coupon policies 
 shall not be issued or delivered by any company to any residents 
 of this state.  

    Subd. 2.    Approval required.  No policy or certificate 
 of life insurance or annuity contract, issued to an individual, 
 group, or multiple employer trust, nor any rider of any kind or 
 description which is made a part thereof shall be issued or 
 delivered in this state, or be issued by a life insurance 
 company organized under the laws of this state, until the form 
 of the same has been approved by the commissioner.  In making a 
 determination under this section, the commissioner may require 
 the insurer to provide rates and advertising materials related 
 to policies or contracts, certificates, or similar evidence of 
 coverage issued or delivered in this state.  

    Subdivisions 1 to 5 apply to a policy, certificate of 
 insurance, or similar evidence of coverage issued to a Minnesota 
 resident or issued to provide coverage to a Minnesota resident.  
 Subdivisions 1 to 5 do not apply to a certificate of insurance 
 or similar evidence of coverage that meets the conditions of 
 section 61A.093, subdivision 2. 

    Subd. 3.    Disapproval.  The commissioner shall, within 
 60 days after the filing of any form, disapprove the form:  

    (1) if the benefits provided are unreasonable in relation 
 to the premium charged; 

    (2) if the safety and soundness of the company would be 
 threatened by the offering of an excess rate of interest on the 
 policy or contract; 

    (3) if it contains a provision or provisions which are 
 unlawful, unfair, inequitable, misleading, or encourages 
 misrepresentation of the policy; or 

    (4) if the form, or its provisions, is otherwise not in the 
 public interest.  It shall be unlawful for the company to issue 
 any policy in the form so disapproved.  If the commissioner does 
 not within 60 days after the filing of any form, disapprove or 
 otherwise object, the form shall be deemed approved.  

    For purposes of clause (2), an excess rate of interest is a 
 rate of interest exceeding the rate of interest determined by 
 subtracting three percentage points from Moody's corporate bond 
 yield average as most recently available. 

    Subd. 4.    Withdrawal of approval.  The commissioner 
 may at any time withdraw approval of any policy or form upon the 
 grounds stated in subdivision 3.  It is unlawful for the insurer 
 to issue the form or use it in connection with any policy after 
 the effective date of the withdrawal of approval.  

    Subd. 5.    Hearing.  Notification of disapproval or 
 withdrawal of approval must be made to the insurer in writing, 
 specifying the grounds for the disapproval.  Upon written 
 request made by the insurer, the commissioner shall grant a 
 hearing within 30 days after receipt of the request.  All 
 hearings must be conducted in accordance with chapter 14. 
 Following the hearing, the commissioner may affirm, reverse, or 
 modify the previous determination made with respect to the 
 subject policy or form.  

    Subd. 6.    Filing by domestic insurers for purposes of 
 complying with another state's filing requirements.  A 
 domestic insurer may file with the commissioner for 
 informational purposes only a policy, certificate of insurance, 
 or annuity contract that is not intended to be offered or sold 
 within this state.  This subdivision only applies to the filing 
 in Minnesota of a policy, certificate of insurance, or annuity 
 contract issued to an insured, certificate holder, or annuitant 
 located outside of this state when the filing is for the express 
 purpose of complying with the law of the state in which the 
 insured, certificate holder, or annuitant resides.  In no event 
 may a policy, certificate of insurance, or annuity contract 
 filed under this subdivision for out-of-state use be issued or 
 delivered in Minnesota unless and until the policy, certificate 
 of insurance, or annuity contract is approved under subdivision 
 2. 

    HIST: 1967 c 395 art 2 s 2; 1984 c 592 s 44; 1993 c 319 s 1,2; 
 1994 c 485 s 16; 1996 c 446 art 1 s 9,10