Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
66A.32 PREREQUISITES OF LIFE COMPANIES.
No mutual life company shall be qualified to issue any policy until applications for at least
$200,000 of insurance, upon lives of at least 200 separate residents, have been actually and in
good faith made, accepted, and entered upon its books and at least one full annual premium
thereunder, based upon the authorized table of mortality, received in cash or in absolutely payable
and collectible notes. A duplicate receipt for each premium, conditioned for the return thereof
unless the policy be issued within one year thereafter, shall be issued, and one copy delivered to
the applicant and the other filed with the commissioner, together with the certificate of a solvent
authorized bank in the state, of the deposit therein of such cash and notes, aggregating the
amount aforesaid, specifying the maker, payee, date, maturity, and amount of each. Such cash
and notes shall be held by it not longer than one year, and at or before the expiration thereof
to be by it paid or delivered, upon the written order of the commissioner, to such company or
applicants, respectively.
History: 1967 c 395 art 1 s 7; 1969 c 7 s 7-13; 1969 c 598 s 1; 1969 c 708 s 63; 1973 c
634 s 2-4; 1976 c 213 s 1-4; 1978 c 465 s 1,2; 1978 c 674 s 60; 1980 c 516 s 2; 1983 c 216 art
1 s 15; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 313 s 2; 1986 c 444; 1991 c
325 art 10 s 4; art 14 s 1; 1992 c 564 art 1 s 15,16,54; 1995 c 214 s 3; 1996 c 446 art 2 s 1,2;
2005 c 69 art 2 s 1-6, 18
No mutual life company shall be qualified to issue any policy until applications for at least
$200,000 of insurance, upon lives of at least 200 separate residents, have been actually and in
good faith made, accepted, and entered upon its books and at least one full annual premium
thereunder, based upon the authorized table of mortality, received in cash or in absolutely payable
and collectible notes. A duplicate receipt for each premium, conditioned for the return thereof
unless the policy be issued within one year thereafter, shall be issued, and one copy delivered to
the applicant and the other filed with the commissioner, together with the certificate of a solvent
authorized bank in the state, of the deposit therein of such cash and notes, aggregating the
amount aforesaid, specifying the maker, payee, date, maturity, and amount of each. Such cash
and notes shall be held by it not longer than one year, and at or before the expiration thereof
to be by it paid or delivered, upon the written order of the commissioner, to such company or
applicants, respectively.
History: 1967 c 395 art 1 s 7; 1969 c 7 s 7-13; 1969 c 598 s 1; 1969 c 708 s 63; 1973 c
634 s 2-4; 1976 c 213 s 1-4; 1978 c 465 s 1,2; 1978 c 674 s 60; 1980 c 516 s 2; 1983 c 216 art
1 s 15; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92; 1986 c 313 s 2; 1986 c 444; 1991 c
325 art 10 s 4; art 14 s 1; 1992 c 564 art 1 s 15,16,54; 1995 c 214 s 3; 1996 c 446 art 2 s 1,2;
2005 c 69 art 2 s 1-6, 18
Official Publication of the State of Minnesota
Revisor of Statutes