Minnesota § 72A.2034 PENALTIES

Minnesota Statutes

§ 72A.2034 — PENALTIES

Minnesota § 72A.2034

PartINSURANCE

Ch. 72AINSURANCE INDUSTRY TRADE PRACTICES

This text of Minnesota § 72A.2034 (PENALTIES) 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. § 72A.2034 (2026).

Text

Subdivision 1.Imposition; mitigation; enforcement.

(a)An insurer is responsible for compliance with sections72A.203to72A.2036. If a violation occurs, either because of the action or inaction of the insurer or its insurance producer, the commissioner may order, in addition to any available penalties, remedies, or administrative actions:

(1)an insurer to take reasonably appropriate corrective action, including but not limited to canceling a transaction, for any consumer harmed by a failure to comply with sections72A.203to72A.2036by the insurer, an entity contracted to perform the insurer supervisory duties, or by the insurer's insurance producer;

(2)a general agency, independent agency, or the insurance producer to take reasonably appropriate corrective action for any consumer harmed by

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Subdivision 1.Imposition; mitigation; enforcement.
(a) An insurer is responsible for compliance with sections72A.203to72A.2036. If a violation occurs, either because of the action or inaction of the insurer or its insurance producer, the commissioner may order, in addition to any available penalties, remedies, or administrative actions:
(1) an insurer to take reasonably appropriate corrective action, including but not limited to canceling a transaction, for any consumer harmed by a failure to comply with sections72A.203to72A.2036by the insurer, an entity contracted to perform the insurer supervisory duties, or by the insurer's insurance producer;
(2) a general agency, independent agency, or the insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of sections72A.203to72A.2036; and
(3) appropriate penalties and sanctions.
(b) Nothing in sections72A.203to72A.2036shall affect any obligation of an insurer for the acts of its insurance producers, or any consumer remedy or any cause of action that is otherwise provided for under applicable federal or state law, including without limitation chapter 60K.

Subd. 2.Aggravation or mitigation.
Any applicable penalty for a violation of sections72A.203to72A.2036may be increased or decreased upon consideration of any aggravating or mitigating circumstances, including if corrective action for the consumer was taken promptly after a violation was discovered, or the violation was not part of a pattern or practice. The authority to enforce compliance with sections72A.203to72A.2036is vested exclusively with the commissioner.