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Minnesota Statutes Insurance (Ch. 59A-79a) § 60A.27. Discipline of insurer by another state; notice to commissioner

Current as of January 01, 2023 | Updated by FindLaw Staff

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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Cite this article: FindLaw.com - Minnesota Statutes Insurance (Ch. 59A-79a) § 60A.27. Discipline of insurer by another state; notice to commissioner - last updated January 01, 2023 | https://codes.findlaw.com/mn/insurance-ch-59a-79a/mn-st-sect-60a-27/

Read this complete Minnesota Statutes Insurance (Ch. 59A-79a) § 60A.27. Discipline of insurer by another state; notice to commissioner on Westlaw

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