§ 60A.135 — Report; Certain Transactions
Plain-Language Summary
Insurance companies must report certain large transactions to the commissioner before they happen.
60A.135 REPORT; CERTAIN TRANSACTIONS.
§
Subdivision 1.Requirement.
Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of law, rule, or other requirements. §
Subd. 2.Date due.
The report required in subdivision 1 is due within 15 days after the end of the calendar month in which the transactions occur. §
Subd. 3.Filing.
One complete copy of the report, including exhibits or other attachments filed as part of it, must be filed with the National Association of Insurance Commissioners. §
Subd. 4.Confidentiality.
Reports filed with the commissioner pursuant to sections 60A.135 to 60A.137 must be held as nonpublic data as defined in section 13.02, are not subject to subpoena, and may not be made public by the commissioner, the National Association of Insurance Commissioners, or other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains. However, the commissioner may publish all or part of a report in the manner the commissioner considers appropriate if, after giving the affected insurer notice and an opportunity to be heard, the commissioner determines that the interest of policyholders, shareholders, or the public will be served by the publication.
History:
History: History:
1995 c 214 s 7