§ 60C.15 — Prevention of Insolvencies
Plain-Language Summary
This section allows the guaranty association's board to help prevent future insurer bankruptcies. The board can recommend ways to improve solvency rules to the commissioner. After an insolvency case ends, the board can also write a report about what caused the insurer to fail.
60C.15 PREVENTION OF INSOLVENCIES.
To aid in the detection and prevention of insurer insolvencies:
(1) The board of directors may upon majority vote make recommendations to the commissioner on matters generally related to improving or enhancing regulation for solvency.
(2) The board of directors may, at the conclusion of any domestic insurer insolvency in which the association was obligated to pay covered claims, prepare and submit to the commissioner a report on the history and causes of the insolvency, based on the information available to the association.
History:
1971 c 145 s 15; 1986 c 444; 1988 c 541 s 10; 1997 c 52 s 11
History: History: 1971 c 145 s 15; 1986 c 444; 1988 c 541 s 10; 1997 c 52 s 11