Minnesota § 60A.27 DISCIPLINE OF INSURER BY ANOTHER STATE; NOTICE TO COMMISSIONER

Minnesota Statutes

§ 60A.27 — DISCIPLINE OF INSURER BY ANOTHER STATE; NOTICE TO COMMISSIONER

Minnesota § 60A.27

PartINSURANCE

Ch. 60AGENERAL INSURANCE POWERS

This text of Minnesota § 60A.27 (DISCIPLINE OF INSURER BY ANOTHER STATE; NOTICE TO COMMISSIONER) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 60A.27 (2026).

Text

Subdivision 1.Requirement. An insurance company licensed to transact business in this state is hereby required to notify the commissioner of commerce within ten business days of the happening of any one or more of the following:

(1)the suspension or revocation of its right to transact business in another state; or

(2)the receipt by the insurance company of an order to show why its license should not be suspended or revoked. Subd. 2.Penalty. Any insurance company which fails to notify the commissioner of commerce within the time period specified in subdivision 1 is subject to a penalty of not more than $500, or suspension, or both.

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Subdivision 1.Requirement.
An insurance company licensed to transact business in this state is hereby required to notify the commissioner of commerce within ten business days of the happening of any one or more of the following:
(1) the suspension or revocation of its right to transact business in another state; or
(2) the receipt by the insurance company of an order to show why its license should not be suspended or revoked.

Subd. 2.Penalty.
Any insurance company which fails to notify the commissioner of commerce within the time period specified in subdivision 1 is subject to a penalty of not more than $500, or suspension, or both.