MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE RATED A

MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE RATED A Powers and Duties of Commissioner Appoints the Commissioner of Commerce Governor Powers and Duties of Commissioner The Commissioner is empowered to_________________. (1 of 8 things) enforce insurance laws Powers and Duties of Commissioner The Commissioner shall examine the affairs and conditions of every insurer licensed in Minnesota at least once every ________ ________. five years Powers and Duties of Commissioner When conducting an examination, the Commissioner may retain attorneys, appraisers, independent actuaries, or independent certified public accountants as examiners; the cost is paid by_______________. the company being examined Powers and Duties of Commissioner Once the records have been examined, the Commissioner will issue an _____________ _____________. Once issued, this report can be used as evidence in any legal proceeding. examination report Powers and Duties of Commissioner Any person who violates or aids and abets any violation of a written order may be fined up to _______________ the violation continues. $10,000 for each day Powers and Duties of Commissioner If the insurer (or producer) disagrees with the Commissioner's findings, the insurer (or producer) has the right to request a hearing within _____ ________ of the order. Once the hearing has been requested, the Commissioner has another 30 days to hold the hearing. 30 days Powers and Duties of Commissioner All accident and health policies must be filed with the Commissioner at least ______ ________ prior to use. 60 days Definitions Any company that is incorporated or organized in the state of Minnesota. Domestic Definitions Any company that is incorporated or organized in another state that does business in Minnesota. Foreign Definitions