Minnesota § 60A.172 INSURANCE AGENCY CONTRACTS; CANCELLATION

Minnesota Statutes

§ 60A.172 — INSURANCE AGENCY CONTRACTS; CANCELLATION

Minnesota § 60A.172

PartINSURANCE

Ch. 60AGENERAL INSURANCE POWERS

This text of Minnesota § 60A.172 (INSURANCE AGENCY CONTRACTS; CANCELLATION) 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.172 (2026).

Text

(a)An insurer may not cancel a written agreement with an agent or reduce or restrict an agent's underwriting authority with respect to property or casualty insurance, based solely on the loss ratio experience on that agent's book of business, if: the insurer required the agent to submit the application for underwriting approval, all material information on the application was fully completed, and the agent has not omitted or altered any information provided by the applicant.

(b)For purposes of this section, "loss ratio experience" means the ratio of claims paid divided by the premiums paid.

(c)This section applies only to agents who write 80 percent or more of their gross annual insurance business for one company or any or all of its subsidiaries, and are not in the direct employ of the

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(a) An insurer may not cancel a written agreement with an agent or reduce or restrict an agent's underwriting authority with respect to property or casualty insurance, based solely on the loss ratio experience on that agent's book of business, if: the insurer required the agent to submit the application for underwriting approval, all material information on the application was fully completed, and the agent has not omitted or altered any information provided by the applicant.
(b) For purposes of this section, "loss ratio experience" means the ratio of claims paid divided by the premiums paid.
(c) This section applies only to agents who write 80 percent or more of their gross annual insurance business for one company or any or all of its subsidiaries, and are not in the direct employ of the company.