Minnesota § 66A.32 PREREQUISITES OF LIFE COMPANIES

Minnesota Statutes

§ 66A.32 — PREREQUISITES OF LIFE COMPANIES

Minnesota § 66A.32

PartINSURANCE

Ch. 66AMUTUAL COMPANIES

This text of Minnesota § 66A.32 (PREREQUISITES OF LIFE COMPANIES) 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. § 66A.32 (2026).

Text

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 th

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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.

Legislative 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 114subd 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